Gold and silver prices surged to fresh all-time highs on the Multi Commodity Exchange (MCX) during Monday’s early trade (September 29), buoyed by a softer US dollar and growing expectations of interest rate cuts by the US Federal Reserve.
MCX Gold December futures climbed to a record ₹1,15,590 per 10 grams before easing slightly to ₹1,15,436, up 0.47 per cent around 9:45 am. Similarly, MCX Silver December futures touched a lifetime high of ₹1,43,968 per kg, and later traded at ₹1,43,433, rising 1.09 per cent.
The dollar index slipped by over 0.20 per cent, making the yellow metal more affordable in other currencies and boosting global demand. International gold prices also scaled new peaks amid heightened expectations of multiple Fed rate cuts this year.
According to CME FedWatch Tool data cited by Reuters, markets are factoring in a 90 per cent chance of a rate cut in October and a 65 per cent probability of another reduction in December.
Adding to uncertainty, fresh US tariffs on imports of trucks, furniture, and medicines—announced by President Donald Trump to take effect from October 1—have also contributed to safe-haven demand for bullion.
Analysts’ View
Experts caution that gold and silver may remain volatile in the near term due to fluctuations in the dollar index, global financial market movements, and upcoming US non-farm payroll data. However, the broader outlook for both metals remains constructive.
Manoj Kumar Jain of Prithvifinmart Commodity Research recommends buying gold near ₹1,14,400 with a stop loss at ₹1,13,850, targeting ₹1,15,350–1,16,000. For silver, he suggests entry around ₹1,40,400 with a stop loss at ₹1,38,800, aiming for ₹1,43,300–1,45,000.
On technical levels, Jain highlighted that MCX Gold has support at ₹1,14,200–1,13,650 and resistance at ₹1,15,400–1,16,000, while MCX Silver shows support at ₹1,40,400–1,39,100 and resistance at ₹1,43,300–1,45,000.
Rahul Kalantri, VP of commodities at Mehta Equities, added that in international markets, gold has support at $3,730–3,710 and resistance at $3,785–3,820 per troy ounce. Silver, on the other hand, has support at $45.70–45.50 and resistance at $46.45–46.80 per troy ounce. In rupee terms, he sees gold support at ₹1,13,400–1,13,080 and resistance at ₹1,14,350–1,14,700, while silver support lies at ₹1,41,450–1,41,050 and resistance at ₹1,42,950–1,43,800.
Investment Outlook
Despite the record rally, analysts believe any short-term price dips could provide buying opportunities for investors, given the supportive macroeconomic backdrop and continued uncertainty in global trade and monetary policy.