Gold prices surged to fresh all-time highs on December 26, driven by easing US monetary policy expectations and rising geopolitical tensions. Strong safe-haven demand, with aggressive speculative buying, pushed bullion prices sharply higher.
On the Multi Commodity Exchange (MCX), gold February futures rose about 0.65% to hit a record high of Rs. 1,38,994 per 10 grams. Silver March futures surged nearly 4% to touch an all-time high of Rs. 2,32,741 per kg.
Mirroring the global prices, Gold prices increased in Mumbai. 24K gold rose to Rs. 14,002 from yesterday’s Rs. 13,925 per gram. The price for 10 grams of 24K gold has also increased to Rs. 1,40,020 from Rs. 1,39,250.
Similarly, 22K gold prices have also risen to Rs. 12,835 per gram from Rs. 12,765; the cost for 10 grams of 22K gold has risen to Rs. 1,28,350 from Rs. 1,27,650.
As in Mumbai, gold prices in Delhi also increased. 24K gold price per gram trades at Rs. 14,062 from the previous price of Rs. 13,986. The rate for 10 grams of 24K gold rose to Rs. 1,40,620 from Rs. 1,39,860.
Internationally, gold prices rallied. US gold futures briefly crossed the $4,530 per ounce mark, hitting a record high before consolidating slightly.
The rally has been underpinned by heightened geopolitical tensions, including developments involving the US and Venezuela, continued conflict between Russia and Ukraine, and broader global security concerns.
At the same time, markets are increasingly confident that the US Federal Reserve may begin cutting interest rates as early as January, with expectations building for two 25-basis-point cuts next year.
Silver prices globally also touched record highs near $72.70 per ounce before easing slightly. Notably, silver has surged nearly 150% year-to-date, significantly outperforming gold.
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On the MCX, gold's price has support at Rs. 1,37,200-Rs. 1,36,600, and resistance at Rs.1,38,850-Rs. 1,39,500. If the resistance is broken, the prices could be driven to Rs.1,40,000.
Silver is likely to have support at Rs. 2,21,750-Rs. 2,19,500 zone, while the resistance is expected at the range of Rs. 2,26,000-Rs. 2,28,800.
Gold is expected to vary in the $4,440-$4,580 per ounce range in the international market, and silver within the $68.80-$75.00 range.