Gold Price Today: Profit Booking Triggers Slight Dip in MCX Rates

Market Performance

Gold and silver prices softened on the MCX on Thursday, October 9, as investors booked profits following recent record highs.

• MCX Gold December futures traded at ₹1,22,749 per 10 grams, down 0.37% around 9:45 am.
• MCX Silver December futures slipped 0.89% to ₹1,48,524 per kg during the same time.

This modest decline comes after gold reached a historic intraday high of ₹1,23,450 per 10 grams on October 8. Silver similarly touched a peak of ₹1,50,282 per kilogram, prompting profit-taking among traders.

Main News

Domestic gold prices have shown remarkable growth in 2025, with spot rates surging over 50% year-to-date. The rally has been fueled by multiple factors:

• Geopolitical and economic uncertainties globally.
• Investor expectations of a US Federal Reserve rate cut.
• Weakness in the US dollar.
• Increased central bank purchases and inflows into gold ETFs.

Profit booking at record levels is natural after such a sharp rally. Traders and investors have used the recent highs to realize gains, leading to the current minor pullback in MCX prices.

Key Drivers

Several market dynamics have influenced gold prices recently:

• US Fed Rate Speculations: CME FedWatch data indicates markets are pricing in a 25-basis-point cut in October and December, with probabilities of 94% and 79% respectively.
• Geopolitical Developments: A peace deal between Israel and Hamas under the US plan for Gaza eased safe-haven demand, contributing to short-term selling pressure.
• Technical Conditions: Gold’s recent surge created overbought conditions, prompting investors to lock in profits.

Even with these short-term corrections, the underlying demand for gold remains strong due to ongoing global uncertainty.

Silver Market Snapshot

Silver prices also mirrored gold’s movement, reflecting both profit booking and seasonal demand trends:

• Intraday correction to ₹1,48,524 per kg after touching ₹1,50,282.
• Investors remain cautious due to geopolitical easing and profit-taking.

The pullback offers a natural pause in the rally, potentially stabilizing prices before any further directional moves.

Summary

Gold’s recent dip on October 9 reflects typical profit-taking after record highs. Despite short-term corrections, the broader market fundamentals remain bullish:

• Strong geopolitical and economic uncertainties.
• Expectations of US rate cuts.
• Robust inflows into gold ETFs.

Investors continue to watch MCX levels closely, with domestic gold potentially targeting ₹1,25,000 per 10 grams by year-end if supportive global conditions persist. Silver follows closely, with year-end levels potentially reaching ₹1,55,000–₹1,60,000 per kg.

Gold and silver remain in focus as preferred safe-haven assets, while profit booking ensures markets retain liquidity and volatility.