Gold price today: The rates of gold and silver dropped in intraday trade on the MCX on Thursday, October 9, due to profit booking at record-high levels. MCX Gold December futures traded 0.37 per cent lower at ₹1,22,749 per 10 grams around 9:45 am. MCX Silver December futures traded 0.89 per cent lower at ₹1,48,524 per kg at that time.
In the previous session on October 8, the December delivery of MCX Gold reached a record high of ₹1,23,450 per 10 grams, and MCX Silver scaled a new peak of ₹1,50,282 per kilogram.
Gold prices have seen stellar gains this year, with domestic spot gold prices jumping over 50 per cent so far, driven by increased global political and economic uncertainties, hopes for a US Fed rate cut, the weakness of the US dollar, central bank buying, and robust inflows into gold ETFs.
Experts expect gold prices to remain on an upward trajectory, reaching levels above ₹1,25,000 per 10 grams by the end of 2025, driven by hopes of a Fed rate cut and concerns over US tariffs, despite potential short-term volatility and intermittent profit bookings.
“By year-end, gold on the MCX could move towards ₹1,25,000– ₹1,28,000 per 10 grams, while silver could test ₹1,55,000– ₹1,60,000 per kg, assuming the US Federal Reserve delivers one or two rate cuts and the dollar remains under pressure,” said Renisha Chainani, the head of research at Augmont.
Meanwhile, the minutes of the US Federal Reserve’s September 16–17 policy meeting showed that policymakers acknowledged the risks to the US job market. However, sticky inflation remains a key concern for them, and the central bank may not go for an aggressive rate reduction in the near future.
According to Reuters, the CME FedWatch tool indicates markets are pricing in a 25-basis-point cut each in October and December, with probabilities of 94% and 79%, respectively.
On the geopolitical front, Israel and Hamas have agreed to the first phase of US President Donald Trump’s plan for Gaza.
Easing geopolitical tensions could weigh on gold prices.
Darshan Desai, CEO of Aspect Bullion and Refinery, pointed out that a peace deal between Israel and Hamas eased demand for safe-haven assets, triggering a profit booking.
However, Desai believes the main driver of the decline could be the technically overbought conditions following the recent surge.
“If we see more positive developments in the Middle East or on the trade front, further upside in gold prices could be limited as investors would continue to lock in gains. That said, any sharp correction might offer a good buying opportunity given the continuing geopolitical & economic uncertainty,” said Desai.
Experts highlight key MCX levels to watch
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,980 and $3,940, while resistance is at $4,055 and $4,085. Silver has support at $48.20 and $47.70, while resistance is at $49.40 and $49.90.
In INR, Kalantri said gold has support at ₹1,22,500 and ₹1,21,780, while resistance is at ₹1,23,950 and ₹1,24,600. Silver has support at ₹1,48,750 and ₹1,47,850 while resistance is at ₹1,50,850 and ₹1,51,750.
Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $4,030 and $3,994, while resistance is at $4,088 and $4,120 per troy ounce. Silver has support at $48.40 and $47.70, while resistance is at $49.20 and $49.60 per troy ounce in today’s session.
MCX Gold has support at ₹1,22,400 and ₹1,21,650 and resistance is at ₹1,24,000 and ₹1,24,800 and resistance is at ₹1,48,500 and ₹1,47,000 and resistance at ₹1,51,500 and ₹1,52,800, said Jain.
“We suggest wait for some corrective dips for initiating fresh long positions in gold and silver and avoid short selling,” said Jain.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
