Gold and silver prices climbed in the domestic futures market on Monday morning as the US dollar weakened and spot demand remained firm.
On the Multi Commodity Exchange (MCX), Gold December futures were up 0.39 per cent at Rs 1,21,708 per 10 grams, while Silver December contracts gained 0.69 per cent to Rs 1,49,307 per kg around 9:10 a.m.
Market Sentiment and Global Cues
After a recent correction, both precious metals are witnessing short covering, supported by expectations that the US Federal Reserve may pause further rate cuts this year.
The Fed reduced its benchmark rate by 25 basis points on October 29, marking the second cut in 2025, bringing the range to 3.75%–4.00%. However, Chair Jerome Powell’s hawkish tone suggested no additional cuts are likely in December, capping broader gains.
Meanwhile, the US Dollar Index slipped 0.10 per cent, lending additional support to bullion.
Recent Performance and Price Action
In the domestic spot market, gold has corrected by over Rs 9,400 (7%) per 10 grams, while silver dropped by nearly Rs 22,000 (13%) per kg over the past two weeks following profit-booking and easing geopolitical tensions.
Despite the pullback, MCX Gold and Silver remain near record highs—
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MCX Gold December futures: Rs 1,32,294 per 10 grams (Oct 17)
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MCX Silver December 2025 futures: Rs 1,70,415 per kg (Oct 17)
Key Levels to Watch (Analyst Views)
Manoj Kumar Jain, Prithvifinmart Commodity Research:
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Gold: Support – $3,980/$3,945 | Resistance – $4,054/$4,084 per troy ounce
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Silver: Support – $48.00/$47.40 | Resistance – $48.84/$49.50 per troy ounce
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MCX Gold: Rs 1,20,600/Rs 1,19,800 (support) | Rs 1,22,000/Rs 1,22,700 (resistance)
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MCX Silver: Rs 1,47,000/Rs 1,45,500 (support) | Rs 1,50,000/Rs 1,51,500 (resistance)
Jain suggests buying gold on dips around Rs 1,20,400 with a stop-loss at Rs 1,19,350 and targets of Rs 1,22,000, while silver buying is advised near Rs 1,47,000 with targets up to Rs 1,51,500.
Jigar Trivedi, Senior Research Analyst, Reliance Securities, expects range-bound trading between Rs 1,21,000 and Rs 1,21,800 per 10 grams for December gold.
Rahul Kalantri, VP (Commodities), Mehta Equities:
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Gold: Support – $3,970/$3,940 | Resistance – $4,045/$4,075
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Silver: Support – $48.20/$47.85 | Resistance – $49.10/$49.50
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In INR: Gold Rs 1,20,870–Rs 1,20,480 (support), Rs 1,21,890–Rs 1,22,300 (resistance); Silver Rs 1,47,450–Rs 1,46,750 (support), Rs 1,49,340–Rs 1,50,280 (resistance)
Outlook
Experts believe a stable dollar and healthy domestic demand may keep bullion prices firm in the near term. However, traders should monitor US economic data releases, geopolitical developments, and domestic festival-season demand, which traditionally boosts precious-metal consumption in India.
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