Gold continued its dazzling rally on Monday, with June futures on the MCX surging by ₹1,500, or 1.4%, to hit a fresh all-time high of ₹96,747 per 10 grams. The precious metal’s unstoppable ascent adds another gleaming milestone to an already stellar year.
Silver also mirrored the bullish sentiment, with May futures rising by ₹693, or 0.73%, to ₹95,730 per kilogram. This robust performance follows a mixed close in the previous sessions: on Thursday, both gold and silver settled weaker in domestic markets, while Friday saw a mixed tone internationally. Gold June futures had previously closed at ₹95,254 per 10 grams, down 0.43%, and silver May futures ended at ₹95,037 per kilogram, down 1.26%.
Volatility remained the key theme last week, driven by escalating tensions in the US-China trade war and heightened uncertainty in international markets. Gold prices repeatedly hit fresh lifetime highs, while silver demonstrated solid strength, riding the wave of market instability.
Adding to the momentum, U.S. jobless claims saw a decline, triggering some profit-taking in precious metals at higher levels. However, the broader market remained jittery as the U.S. ramped up tariffs on Chinese imports to a staggering 245%, prompting retaliatory measures from China and increasing fears of a prolonged trade conflict. Meanwhile, the U.S. Dollar Index (DXY) slipped to a two-year low last week and was hovering near 98.36 on Monday, down by 1.01 points or 1.02%. The European Central Bank’s decision to cut interest rates by 25 basis points further supported the bullish trend in gold and silver.
“Gold and silver are exhibiting very high volatility, and unless there is any positive news from the US-China trade negotiations, the upward momentum is likely to continue,” said Manoj Kumar Jain of Prithvifinmart Commodity Research. He added that the outlook remains volatile for this week, with gold likely to hold support around $3,140 per ounce and silver around $29.88 per ounce.
Gold (MCX): Support at ₹94,750–₹94,280; Resistance at ₹95,550–₹96,000.
Silver (MCX): Support at ₹94,400–₹93,650; Resistance at ₹95,800–₹96,650.
He also cautioned investors against taking fresh positions amid speculative swings driven by news around the US-China trade deal.
Gold Prices in Major Indian Cities (as of today)
Delhi
22-carat gold: ₹58,432 per 8 grams
24-carat gold: ₹62,296 per 8 grams
Mumbai
22-carat gold: ₹56,704 per 8 grams
24-carat gold: ₹60,416 per 8 grams
Chennai
22-carat gold: ₹56,944 per 8 grams
24-carat gold: ₹60,704 per 8 grams
Hyderabad
22-carat gold: ₹56,984 per 8 grams
24-carat gold: ₹60,696 per 8 grams
As global uncertainty intensifies and financial markets react, gold continues to shine as a beacon of stability, setting new benchmarks and attracting both seasoned investors and new entrants seeking a safe haven.
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