Gold prices continued their upward march on Monday, October 6, climbing to fresh record highs both in domestic and international markets. On the Multi-Commodity Exchange (MCX), Gold December futures touched an all-time high of Rs. 1,19,538 per 10 grams.
Gold futures were trading 1.17% higher at Rs. 1,19,490, and silver was up 1.10% at Rs. 1,47,344. The bullish sentiment was fueled by rising global uncertainty, a weakening dollar, and expectations of further rate cuts by the US Federal Reserve.
Gold prices surged in Mumbai. The price of 24-carat gold reached Rs. 12,077 per gram, an increase of Rs. 137 from the previous day, and the cost for 10 grams was Rs. 1,20,770.
The cost of 22-carat gold in the city was Rs. 11,070 per gram, higher by Rs. 125, and for 10 grams the cost is Rs. 1,10,700.
Chennai too recorded steady gains in bullion rates. The price of 24-carat gold moved up to Rs. 12,066 per gram, a rise of Rs. 120 compared to yesterday, with 10 grams priced at Rs. 1,20,660.
On the other hand, 22-carat gold was valued at Rs. 11,060 per gram, reflecting an increase of Rs. 110, while 10 grams reached Rs. 1,10,600.
Analysts say that momentum in gold remains firmly bullish in the near term. On the MCX, gold finds strong support near Rs. 1,17,400-Rs. 1,16,600, while immediate resistance is seen at Rs. 1,18,800-Rs. 1,19,500.
A sustained hold above Rs. 1,19,500 can take prices toward Rs. 1,20,000, while a fall below Rs. 1,17,400 could invite some short-term profit-booking.
Silver is also in consolidation above Rs. 1,46,000, with support around Rs. 1,44,400-Rs. 1,43,100 and resistance around Rs. 1,47,000-Rs. 1,48,800.
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Gold traded internationally above $3,900 per ounce, supported by safe-haven flows in anticipation of a US government shutdown and easing global growth. Central banks, particularly those in China and India, continue to support structural demand.
Analysts anticipate gold will reach Rs. 1,20,000 per 10 grams and silver will approach Rs. 1,50,000 per kilogram by the end of the year. Investment advisors recommend a buy-on-dips strategy, keeping gold as one of the best strategic long-term hedges against inflation, currency weakness, and geopolitical risks.