Gold Rate Today: MCX Gold Hits ₹1.27 Lakh, Silver Gains 1% Amid Global Tensions

Gold and silver prices rallied in India on Wednesday, with MCX gold crossing the ₹1.27 lakh per 10 grams mark. Investors responded to safe-haven demand triggered by global economic uncertainties, US-China trade tensions, and expectations of US Fed rate cuts.

Market Performance

• MCX Gold Rate Today: Opened at ₹1,26,915 per 10 grams, up 0.52% from previous close of ₹1,26,256.
• Intraday High: ₹1,27,500 per 10 grams.
• MCX Silver Rate Today: Opened at ₹1,59,800 per kg, up 0.18% from ₹1,59,504.
• Intraday High: ₹1,61,418 per kg.

By 9:10 AM, gold was trading at ₹1,26,835, up ₹579 or 0.46%, while silver rose ₹829, or 0.52%, to ₹1,60,333 per kg.

Main News

Gold prices extended their rally, driven by multiple global factors:

• Geopolitical Uncertainty: Rising tensions between the US and China pushed investors toward safe-haven assets.
• US Federal Reserve Rate Cut Expectations: Investors anticipate a 0.25% interest rate cut expected at the upcoming Federal Reserve meeting with potential for another cut in December.
• Strong Central Bank Buying: Consistent gold purchases by central banks have supported prices.
• De-dollarisation Trend & ETF Inflows: Increased diversification into gold ETFs and reduced reliance on the US dollar contributed to the rally.

In the global market, spot gold gained 0.4% to $4,155.99 per ounce, while US December gold futures rose 0.3% to $4,174.30. Year-to-date, gold has surged over 55%, touching a record high of $4,179.48.

Escalation in US-China trade conflicts added to market anxiety. Washington hinted at cutting certain trade ties, including tariffs on cooking oil, amid rising tensions, while both countries imposed tit-for-tat port fees.

Commodity Details

• MCX Gold Rate Today: ₹1,26,835 per 10 grams
• MCX Silver Rate Today: ₹1,60,333 per kg
• Support Levels:
  • Gold: ₹1,25,470 – ₹1,24,580
  • Silver: ₹1,57,950 – ₹1,56,150
• Resistance Levels:
  • Gold: ₹1,27,150 – ₹1,27,900
  • Silver: ₹1,60,850 – ₹1,61,950

Gold and silver continue to benefit from global uncertainty, with investors treating them as safe-haven assets.

Summary

Gold prices in India hit record highs above ₹1.27 lakh per 10 grams, while silver also saw a 1% jump to ₹1.61 lakh per kg. The rally is fueled by US-China trade tensions, expectations of Fed rate cuts, strong central bank buying, and ETF inflows. With both metals demonstrating safe-haven appeal, the market continues to witness robust activity amid global uncertainties.