Market Performance
Wednesday saw a remarkable surge in precious metals trading on the MCX. Both gold and silver touched fresh all-time highs, driven by strong spot demand and global market cues. Concerns over the US government shutdown, combined with expectations of further rate cuts by the US Federal Reserve, added fuel to the bullish trend.
- MCX Gold breached the ₹1,22,000 per 10-gram mark, reaching a record ₹1,23,080.
- MCX Silver climbed to a record ₹1,49,138 per kg.
- At 4:25 pm, MCX December futures:
- Gold traded 1.38% higher at ₹1,22,784 per 10 grams.
- Silver traded 2.11% higher at ₹1,48,870 per kg.
- Internationally, US gold futures for December delivery surpassed $4,000, reaching $4,037 per troy ounce.
Main News
Gold’s rally this year has been extraordinary. Domestic spot gold prices have surged over 55% year-to-date, reflecting a mix of economic uncertainty, geopolitical tensions, and robust central bank buying. Weakness in the US dollar and expectations of US Fed rate cuts further boosted investor interest.
The US government shutdown, now in its seventh day, has postponed the release of key economic indicators, keeping market participants cautious. Attention remains fixed on the upcoming US Fed meeting minutes and Fed Chair Jerome Powell’s speech, which could influence further rate decisions.
Company Details / MCX Trading Insights
- Gold often rises during periods of economic and political uncertainty and when interest rates are expected to fall.
- The recent surge reflects strong spot demand alongside favorable macroeconomic conditions.
Support and Resistance Levels on MCX (INR):
- Gold: Support at ₹1,20,400 – ₹1,19,800 | Resistance at ₹1,21,800 – ₹1,22,500
- Silver: Support at ₹1,44,700 – ₹1,43,850 | Resistance at ₹1,47,000 – ₹1,48,200
Support and Resistance Levels (USD / Troy Ounce):
- Gold: Support at $3,980 – $3,955 | Resistance at $4,034 – $4,050
- Silver: Support at $47.20 – $46.80 | Resistance at $47.85 – $48.30
These levels highlight the current trading ranges and provide a clear picture of market sentiment without any speculative calls.
Summary of the Article
MCX gold and silver have marked significant milestones, setting new record highs amid a backdrop of global uncertainties and domestic market enthusiasm. Investors tracked movements closely as international cues, including US Fed policy and currency fluctuations, continued to influence pricing.
This surge underlines the robust demand for precious metals in India, reflecting broader trends in global safe-haven investment flows. The market remains volatile, yet the momentum shows gold and silver as dominant forces in MCX trading today.
