Today's gold price: MCX Gold December futures reached a yearly high of ₹1,16,138 per 10 grams, and MCX Silver December futures reached a record high of ₹1,44,179 per kilogram.
Today's gold price: In response to the dollar's weakening and expectations of a rate drop, gold and silver prices surged to new all-time highs on the MCX on Monday, September 29. While MCX Silver December futures reached an all-time high of ₹1,44,179 per kg, MCX Gold December futures reached a record high of ₹1,16,138 per 10 grams.At 12:10 p.m., MCX Gold was up 1.02% at ₹1,16,063 per 10 grams, and MCX Silver was up 1.43% at ₹1,43,919 per kilogram.
Gold became more affordable in foreign currencies and its demand increased when the dollar index fell more than 0.20 percent.
A declining dollar and rising anticipation that the US Federal Reserve will further lower interest rates this year have caused international gold prices to reach an all-time high.
The market is presently pricing in a 90% chance of a Fed cut in October and a 65% chance of another cut in December, according to the CME FedWatch Tool, according to Reuters.
A declining dollar and rising anticipation that the US Federal Reserve will further lower interest rates this year have caused international gold prices to reach an all-time high.
The market is presently pricing in a 90% chance of a Fed cut in October and a 65% chance of another cut in December, according to the CME FedWatch Tool, according to Reuters.
A weaker dollar and rising anticipation of additional US rate cuts sent gold prices to a record high. The economic outlook is now even more uncertain due to President Donald Trump's announcement this week of a fresh round of tariffs on imported pharmaceuticals, trucks, and furniture that will go into effect on October 1st, according to Jigar Trivedi, Senior Research Analyst at Reliance Securities.
The US core PCE price index data, meanwhile, showed what was expected. In contrast to its 0.2% increase in July, the Personal Consumption Expenditures Price Index (PCE) increased 0.3% in August. After rising 2.6 percent in July, PCE inflation reached 2.7% on an annual basis.
The US core PCE price index data, meanwhile, showed what was expected. In contrast to its 0.2% increase in July, the Personal Consumption Expenditures Price Index (PCE) increased 0.3% in August. After rising 2.6 percent in July, PCE inflation reached 2.7% on an annual basis.
Is now a good time to purchase gold?
Although experts anticipate that gold prices will continue to fluctuate in the near future, they see a decline as a chance to purchase the metal because its medium- to long-term outlook is still favorable.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, "We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets, and ahead of the US non-farm employment data."
Although experts anticipate that gold prices will continue to fluctuate in the near future, they see a decline as a chance to purchase the metal because its medium- to long-term outlook is still favorable.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, "We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets, and ahead of the US non-farm employment data."
"We suggest buying gold around ₹1,14400 with a stop loss of ₹1,13,850 for the target of ₹1,15,350-1,16,000 and also suggest buying silver around ₹1,40,400 with a stop loss of ₹1,38,800 for the target of ₹1,43,300-1,45,000," Jain stated.
Jain claims that in today's session, silver has support around $46.10-45.55 and resistance at $47.00-47.70 per troy ounce, while gold has support at $3,784-3,755 and resistance at $3,824-3,850 per troy ounce.
According to Jain, MCX Silver has resistance at ₹1,43,300-1,45,000 and support at ₹1,40,400-1,39,100, while MCX Gold has support at ₹1,14,200-1,13,650 and resistance at ₹1,15,400-1,16,000.
Jain claims that in today's session, silver has support around $46.10-45.55 and resistance at $47.00-47.70 per troy ounce, while gold has support at $3,784-3,755 and resistance at $3,824-3,850 per troy ounce.
According to Jain, MCX Silver has resistance at ₹1,43,300-1,45,000 and support at ₹1,40,400-1,39,100, while MCX Gold has support at ₹1,14,200-1,13,650 and resistance at ₹1,15,400-1,16,000.
Rahul Kalantri, vice president of commodities at Mehta Equities, stated that the resistance for gold is at $3,785-3,820, while the support is at $3,730-3,710. The resistance for silver is between $46.45 and 46.80, while the support is between $45.70-45.50.
Gold's resistance is at ₹1,14,350-1,14,700 in INR, while support is at ₹1,13,400-1,13,080. According to Kalantri, resistance for silver is at ₹1,42,950, 1,43,800, while support is at ₹1,41,450-1,41,050.
Disclaimer: The sole intention of this story is education. Morning News does not endorse the opinions or suggestions made by individual analysts or broking firms. Since situations can change and market conditions can change quickly, we suggest investors to seek advice from recognized specialists before making any investment decisions.
Gold's resistance is at ₹1,14,350-1,14,700 in INR, while support is at ₹1,13,400-1,13,080. According to Kalantri, resistance for silver is at ₹1,42,950, 1,43,800, while support is at ₹1,41,450-1,41,050.
Disclaimer: The sole intention of this story is education. Morning News does not endorse the opinions or suggestions made by individual analysts or broking firms. Since situations can change and market conditions can change quickly, we suggest investors to seek advice from recognized specialists before making any investment decisions.
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