Gold and silver prices rose strongly on the Multi Commodity Exchange (MCX) on Tuesday. MCX gold crossed ₹1.48 lakh per 10 grams, while silver prices jumped by more than 6%.
Gold prices went up after falling to a near one-month low in the previous session. The main reason for this rise is uncertainty in the global market, as important US economic data is not expected this week due to a partial shutdown of the US government. Because of this uncertainty, investors are moving their money into safe options like gold and silver.
On MCX, gold for April delivery opened at ₹1,48,000 per 10 grams, up nearly 2.8% from its previous close of ₹1,41,669.
Silver for March delivery opened at ₹2,45,711 per kg, around 4% higher than its last close of ₹2,36,261.
By 9:20 AM, gold prices were trading at ₹1,48,676 per 10 grams, up 3.25%.
Silver prices rose even more sharply and were trading at ₹2,54,005 per kg, up 7.5%.
In the international market, gold prices also jumped over 3%, recovering from recent losses. Spot gold rose to $4,837 per ounce, while US gold futures climbed to $4,859 per ounce.
Silver prices increased nearly 6% to $84 per ounce.
Earlier, gold had touched a record high of $5,594, and silver had reached an all-time high of $121.
Outlook for Gold Prices
Market experts say that price fluctuations are still high, but gold prices remain strong overall.
According to Ponmudi R, CEO of Enrich Money, buyers are still active, and every price fall is being quickly bought. If gold manages to stay above ₹1,50,000, prices may rise further towards ₹1,65,000–₹1,70,000 in the coming months. He believes the medium-term trend for gold is still positive, even though short-term ups and downs may continue.
Another expert, Rahul Kalantri from Mehta Equities, said that:
International gold has support around $4,575–$4,655 and resistance near $4,860–$4,950
International silver has support at $69.75–$74.80 and resistance at $88.15–$94.8
Gold support is around ₹1,35,310–₹1,38,650, while resistance is near ₹1,48,850–₹1,50,950
Silver support lies at ₹2,19,170–₹2,25,810, and resistance is between ₹2,44,810–₹2,50,470