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Gold and silver prices rose in domestic trade on Friday, September 19, supported by global cues and a weaker dollar. On the MCX, October gold futures were up 0.43% at Rs 1,09,520 per 10 grams, while December silver futures gained 1.31% to Rs 1,28,802 per kg.
The rally followed the US Federal Reserve’s recent 25 bps rate cut and expectations of further easing in 2025. Healthy spot demand, strong central bank buying, and geopolitical uncertainties also underpinned sentiment. So far in 2025, spot gold prices in India have climbed nearly 45%.
In Delhi, the price of 24-carat gold is Rs 11,148 per gram, Rs 1,11,480 per 10 grams, and Rs 11,14,800 per 100 grams, while 22-carat gold is priced at Rs 10,220 per gram, Rs 1,02,200 per 10 grams, and Rs 10,22,000 per 100 grams.
In Bangalore, 24-carat gold is trading at Rs 11,133 per gram, Rs 1,11,330 per 10 grams, and Rs 11,13,300 per 100 grams. The 22-carat variety is available at Rs 10,205 per gram, Rs 1,02,050 per 10 grams, and Rs 10,20,500 per 100 grams.
In Chennai, the costs are Rs 11,160 per gram, Rs 1,11,600 per 10 grams, and Rs 11,16,000 per 100 grams for 24-carat gold. For 22-carat gold, the costs are Rs 10,230 per gram, Rs 1,02,300 per 10 grams, and Rs 10,23,000 per 100 grams.
Commodity experts remain cautiously optimistic. According to Prithvifinmart Research, gold on MCX has support at Rs 1,08,650-Rs 1,08,200 and resistance at Rs 1,09,400- Rs 1,09,850. Silver has support in the region of Rs 1,26,200-Rs 1,25,400 and resistance at Rs 1,28,000-Rs 1,28,850.
Anuj Gupta, a commodity analyst registered with SEBI, estimates that gold will eventually rise to levels of Rs 1,13,000-Rs 1,15,000 per 10 grams before year-end, and suggests investors should buy when the price dips instead of chasing returns from current levels.
Rahul Kalantri from Mehta Equities stated that globally, gold has support around $3,625-$3,605 per troy ounce and resistance at $3,670-$3,700, while silver has support at $41.50-$41.30 and resistance at $42.25-$42.50.
With a softer dollar and expectations for further monetary easing, gold prices should remain firm in the short term, but traders should expect volatility from profit-booking. Analysts are still recommending buying gold on dips, while remaining bullish on gold with considerable upside through the end of Q4 2025.
