Gold and silver futures on the Multi-Commodity Exchange ( MCX) surged to fresh lifetime highs on Monday, extending their recent rally amid continued safe-haven demand. The December gold futures contract climbed to Rs 1,19,200 per 10 grams, up Rs 1,087 or 0.92%, while silver futures for December delivery touched Rs 1,46,920 per kilogram, gaining Rs 1,176 or 0.81%.
Both precious metals hit new intraday and lifetime highs during the session, supported by global macroeconomic uncertainties, weakness in U.S. bond yields, and heightened geopolitical tensions.
Internationally, gold surged past the $3,900-an-ounce level for the first time on Monday, driven by safe-haven demand following a fall in the yen and a U.S. government shutdown, while growing expectations of additional Federal Reserve rate cuts also lent support.
Spot gold was up 0.9% at $3,922.28 per ounce by 0208 GMT, after hitting an all-time high of $3,924.39 earlier in the session. U.S. gold futures for December delivery gained 1% to $3,947.30.
On Friday, gold and silver settled on a positive note in the domestic market and international markets. Gold December futures contract settled at Rs 1,18,113 per 10 grams with a gain of 0.45% and silver December futures contract settled at Rs 1,45,744 per kilogram with a gain of 0.71%.
Gold and silver extended their gains and traded at record highs amid profit taking in the dollar index, weakness in the U.S. 10-year bond yields, geopolitical tensions and the U.S shutdown.
Gold is a go-to asset for investors under these circumstances, particularly with the Fed expected to cut rates further this month. According to the CME FedWatch tool, investors are pricing in additional 25-basis-point cuts in both October and December, with probabilities of 95% and 83%, respectively.
Gold prices crossed $3,900 per troy ounce and silver prices also tested $48 per troy ounce in the international markets. Gold and silver prices are also trading at record highs in the domestic markets.
“The U.S. shutdown, geopolitical tensions and safe-haven buying continue to support gold and silver prices. Global central banks again added 15 metric tons of gold in September month,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
“The U.S. job data was also not released last week due to the U.S. shutdown and escalating tensions in the Russia-Ukraine war could also support bullion prices,” he added.
The Trump administration will start mass layoffs of federal workers if U.S. President Donald Trump decides negotiations with congressional Democrats to end a partial government shutdown are "absolutely going nowhere," a senior White House official said, according to Reuters report.
Today, the US Dollar Index, DXY, was hovering near the 98.02 mark, gaining 0.30 or 0.31%.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets and the U.S,” Jain stated.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 88,120/8 grams while pure gold (24 carat) prices stand at Rs 94,656/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 87,424/8 grams while pure gold (24 carat) prices stand at Rs 93,992/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 87,448/8 grams while pure gold (24 carat) prices stand at Rs 93,952/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 87,728/8 grams while pure gold (24 carat) prices stand at Rs 94,248/8 grams.
( Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Both precious metals hit new intraday and lifetime highs during the session, supported by global macroeconomic uncertainties, weakness in U.S. bond yields, and heightened geopolitical tensions.
Internationally, gold surged past the $3,900-an-ounce level for the first time on Monday, driven by safe-haven demand following a fall in the yen and a U.S. government shutdown, while growing expectations of additional Federal Reserve rate cuts also lent support.
Spot gold was up 0.9% at $3,922.28 per ounce by 0208 GMT, after hitting an all-time high of $3,924.39 earlier in the session. U.S. gold futures for December delivery gained 1% to $3,947.30.
On Friday, gold and silver settled on a positive note in the domestic market and international markets. Gold December futures contract settled at Rs 1,18,113 per 10 grams with a gain of 0.45% and silver December futures contract settled at Rs 1,45,744 per kilogram with a gain of 0.71%.
Gold and silver extended their gains and traded at record highs amid profit taking in the dollar index, weakness in the U.S. 10-year bond yields, geopolitical tensions and the U.S shutdown.
Gold is a go-to asset for investors under these circumstances, particularly with the Fed expected to cut rates further this month. According to the CME FedWatch tool, investors are pricing in additional 25-basis-point cuts in both October and December, with probabilities of 95% and 83%, respectively.
Gold prices crossed $3,900 per troy ounce and silver prices also tested $48 per troy ounce in the international markets. Gold and silver prices are also trading at record highs in the domestic markets.
“The U.S. shutdown, geopolitical tensions and safe-haven buying continue to support gold and silver prices. Global central banks again added 15 metric tons of gold in September month,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
“The U.S. job data was also not released last week due to the U.S. shutdown and escalating tensions in the Russia-Ukraine war could also support bullion prices,” he added.
The Trump administration will start mass layoffs of federal workers if U.S. President Donald Trump decides negotiations with congressional Democrats to end a partial government shutdown are "absolutely going nowhere," a senior White House official said, according to Reuters report.
Today, the US Dollar Index, DXY, was hovering near the 98.02 mark, gaining 0.30 or 0.31%.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets and the U.S,” Jain stated.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
- Gold has support at Rs 1,17,400-1,16,600 and resistance at Rs 1,18,800-1,19,500
- Silver has support at Rs 1,44,400-1,43,100 and resistance at Rs 1,47,000-1,48,800
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 88,120/8 grams while pure gold (24 carat) prices stand at Rs 94,656/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 87,424/8 grams while pure gold (24 carat) prices stand at Rs 93,992/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 87,448/8 grams while pure gold (24 carat) prices stand at Rs 93,952/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 87,728/8 grams while pure gold (24 carat) prices stand at Rs 94,248/8 grams.
( 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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