The rates of gold and silver rose to their fresh record highs on the MCX on Wednesday (December 24) morning on expectations of further rate cuts by the US Fed and the dollar’s weakness. MCX gold February futures rose by 0.60% to a record high of ₹1,38,676 per 10 grams, while MCX silver March contracts jumped over 2% to reach a fresh peak of ₹2,24,300 per kg. Around 1:30 pm, MCX gold was 0.31% up at ₹1,38,309 per 10 grams, while MCX silver was 1.81% up at ₹2,23,630 per kg.
International gold prices surpassed the $4,500 per ounce mark on Wednesday for the first time, as expectations of further US Fed rate cuts next year continued fuelling safe-haven demand.
Domestic spot gold prices have surged nearly 80% while spot silver prices have soared by 145%, mirroring the global trend. In international markets, gold has jumped 72% so far this year, while silver has seen a stellar increase of 149%.
Gold and silver: Key levels to watch
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold may trade in the range of $4,284 and $4,580 per troy ounce and silver is expected to trade in the range of $66.40-74.00 per troy ounce levels this week.
In today’s session, Jain said gold has support at $4,480 and $4,434, while resistance is at $4,535 and $4,580 per troy ounce. Silver has support at $70.00 and $67.70, while resistance is at $72.70 and $74.00 per troy ounce.
According to Trivedi, MCX gold February futures may stay positive, and ₹1,39,000 is the resistance for today.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $4,465 and $4,415 while resistance is at $4,545 and $4,570. Silver has support at $70.40 and $69.75, while resistance is at $72.00 and $72.90.
In INR, gold has support at ₹1,36,550 and ₹1,35,710, while resistance is at ₹1,38,650 and ₹1,39,470. Silver has support at ₹2,18,150 and ₹2,16,780 while resistance is at ₹2,21,810 and ₹2,22,970, said Kalantri.
