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It was a glittering Friday for precious metals as gold and silver prices scaled yet another new record high, with investors rushing to the safety of bullion amid growing expectations of US interest rate cuts next year. Gold February futures on the MCX surged by Rs 800 to a new all-time high of Rs 1,38,991 per 10 grams.
Meanwhile, silver March futures contracts shot up by over Rs 8,000 in early trade to touch a new peak of Rs 2,32,741 per kg.
Gold soared as high as $4,530.60 per oz before cooling slightly to $4,502.75 in spot trade by 0225 GMT. US gold futures for February did not disappoint either, touching a record $4,533.60 per oz, up 0.7%. Meanwhile, silver stole the spotlight, surging 3.4% to $74.35 per oz and hitting an all-time peak of $75.14 per oz.
So far in 2025, gold has jumped 72%, repeatedly shattering records. It is being powered by a potent mix of falling US yields, central bank hoarding, flight from dollar assets, and heightened geopolitical uncertainty.
And silver? It is sprinting ahead with a jaw-dropping 158% year-to-date gain, driven by a global supply crunch, industrial demand, and its newfound status as a US-listed critical mineral.
Back home, both metals ended Wednesday in the green. Gold February futures closed at Rs 1,38,097 per 10 grams (+0.15%), while silver March futures zoomed to Rs 2,23,790 per kg (+1.88%).
That said, the metals were not without hurdles. The unexpected dip in US jobless claims to 214,000 (vs 224,000 expected) limited gold’s upside. Add to that some holiday profit-booking, and the shine was briefly dimmed—but only just.
Where are we headed next?
“Gold is holding above the critical $4,500 level and could be eyeing $4,890, while silver looks steady above $70, eyeing $78, in the coming sessions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
He added that ongoing risk aversion and a shift away from volatile assets continue to funnel money into precious metals, keeping the bulls charged.
The US Dollar Index (DXY) remained subdued near its two-month lows, hovering at 97.91, slipping marginally by 0.04 points.
“Investor focus remains on the ongoing US blockade of crude shipments from Venezuela, continued hostilities between Russia and Ukraine, and a recent military strike by Washington against ISIS in Nigeria,” said Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, at Reliance Securities.
“Meanwhile, markets continue to price in two quarter-point rate cuts by the Federal Reserve next year as inflation cools and labour market conditions soften, even as Fed officials remain divided on the path ahead,” he added.
Trade setup for today
Gold (MCX):
Support: Rs 1,37,200 – Rs 1,36,600
Resistance: Rs 1,38,850 – Rs 1,39,500
Strategy: Buy around Rs 1,37,400 – Rs 1,36,600
Target: Rs 1,40,000
Stop loss: Rs 1,35,800
Silver (MCX):
Support: Rs 2,21,750 – Rs 2,19,500
Resistance: Rs 2,26,000 – Rs 2,28,800
Strategy: Buy near Rs 2,22,000 – Rs 2,20,000
Target: Rs 2,26,000 – Rs 2,28,800
Stop loss: Rs 2,17,000
Meanwhile, Jigar Trivedi believes that MCX Gold February futures are likely to stay positive, with Rs 1,39,000 per 10 grams acting as the next resistance for today.
Gold rates in physical markets
Gold price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,03,512 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,11,520 per 8 grams.
Gold price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,03,768 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,11,808 per 8 grams.
Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,02,880 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,10,760 per 8 grams.
Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,02,984 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,10,864 per 8 grams.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
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