Gold and silver prices have seen a notable rise over the past two days, with gold December futures contracts at MCX opening today at Rs 75,400 per 10 grams, up by nearly 0.5% or Rs 353. Meanwhile, silver December futures contracts were trading at Rs 91,059 per kilogram, reflecting a gain of 0.6% or Rs 546.
In the last two days, gold prices have surged by Rs 1,480 per 10 grams, while silver has climbed by Rs 2,700 per kilogram. This follows a strong recovery on Monday when both gold and silver ended their losing streaks, posting solid gains in both domestic and international markets. Gold December futures settled at Rs 75,047 per 10 grams, a rise of 1.49%, while silver December futures finished at Rs 90,513 per kilogram, up by 2.37%.
The price rally was spurred by geopolitical tensions surrounding the Russia-Ukraine conflict, as Russia continued targeting Ukrainian power infrastructure over the weekend. In response, U.S. President Joe Biden authorized the provision of long-range missiles to Ukraine, which escalated market concerns and boosted demand for safe-haven assets like gold and silver. Furthermore, a profit-taking trend in the U.S. Dollar Index also supported precious metal prices, with the Dollar Index hovering at 106.13, up by 0.13% today.
Another factor behind the price boost was a bullish report from Goldman Sachs, which forecasted gold prices could reach $3,000 per troy ounce by December 2025, citing global uncertainty following U.S. President Donald Trump’s election victory. However, uncertainties around potential Federal Reserve rate cuts could limit further gains for both gold and silver.
Gold Prices in Key Indian Markets
- Delhi: Standard gold (22 carat) is priced at Rs 57,248 per 8 grams, while pure gold (24 carat) costs Rs 61,080 per 8 grams.
- Mumbai: Standard gold (22 carat) is priced at Rs 57,448 per 8 grams, while pure gold (24 carat) costs Rs 61,240 per 8 grams.
- Chennai: Standard gold (22 carat) is priced at Rs 56,744 per 8 grams, while pure gold (24 carat) costs Rs 60,536 per 8 grams.
- Hyderabad: Standard gold (22 carat) is priced at Rs 56,816 per 8 grams, while pure gold (24 carat) costs Rs 60,496 per 8 grams.
Price Forecasts and Market Ranges
For traders, gold at MCX has support levels at Rs 74,770-74,500 and resistance levels at Rs 75,330-75,650. Silver has support at Rs 89,800-89,150 and resistance at Rs 91,200-92,000. Analysts suggest buying gold on dips around Rs 74,770, with a stop loss at Rs 74,400 and a target price of Rs 75,500.
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