MCX gold February futures reached a record high of ₹1,38,381 per 10 grams, a 1.2% increase. MCX silver reached a record high of ₹2,16,596 per kilogram, a 1.7% increase. MCX silver was up 1.51% at ₹2,16,090 per kg at 10:10 am, while MCX gold was up 1.08% at ₹1,38,214 per 10 grams.
The current price of gold: On Tuesday morning, December 23, the rates of gold and silver surged by over 1% to reach new all-time highs. MCX gold February futures reached a record high of ₹1,38,381 per 10 grams, a 1.2% increase. MCX silver reached a record high of ₹2,16,596 per kilogram, a 1.7% increase. MCX gold was up 1.08% at ₹1,38,214 per 10 grams at 10:10 am.
Prices for gold and silver increased dramatically in response to encouraging signals from throughout the world. The increase in precious metals was driven by worsening US-Venezuela tensions and a drop in the dollar index. Gold became less expensive in foreign currencies as the dollar index fell by 0.20% throughout the session.
One of the main causes of gold's impressive climb so far this year has been increased geopolitical unpredictability. Tensions between the United States and Venezuela have become a new spark for the yellow metal.
"The U.S. Coast Guard this month seized a supertanker under sanctions carrying Venezuelan oil and tried to intercept two more Venezuela-related ships over the weekend," according to U.S. officials, according to news agency Reuters.
International gold prices have already increased by about 70% in 2025, while domestic spot prices have increased by 76% so far. This is expected to be the greatest yearly performance since 1979, when an inflation shock caused the yellow metal to rise by 123.4%. Silver has increased much more, rising 140% so far this year. This year, domestic spot silver prices have increased by more than 142%.
The primary factors influencing gold and silver prices this year have been aggressive central bank purchases, anticipations of US Fed rate reduction, worries about the economic consequences of US tariffs, geopolitical tensions, and strong inflows into gold and silver ETFs.
"The demand for gold as a safe haven has been sustained as prices have surged to new heights since last week. Thus, the prices are being maintained by worries about inflation, geopolitical unrest, and the consequent relaxation of interest rate expectations. According to Aksha Kamboj, Executive Chairperson of Aspect Global Ventures and Vice President of the India Bullion and Jewellers Association (IBJA), "the price levels of gold are expected to sustain a range-bound trend in the short run with a positive outlook for long-term investments."
Silver and gold: important levels to keep an eye on
Gold has support between $4,430 and $4,285 and resistance at $4,510 and $4,545, according to Rahul Kalantri, vice president of commodities at Mehta Equities. Silver's resistance is at $70 and $70.90, while its support is at $68.40 and $67.75.
According to Kalantri, gold has resistance at ₹1,37,650 and ₹1,38,470 in INR and support around ₹1,35,550 and ₹1,34,710. Silver has resistance at ₹2,13,810 and ₹2,14,970 and support at ₹2,11,150 and ₹2,10,280.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has resistance around $4,500 and $4,550 per troy ounce and support at $4,400 and $4,400. In today's session, silver has resistance around $69.40 and $70 per troy ounce, while support is at $67.70 and $66.80.
On the MCX, silver has support at ₹2,11,000 and ₹2,09,500 and resistance at ₹2,14,400 and ₹2,17,000, while gold has support at ₹1,36,000 and ₹1,35,400 and resistance at ₹1,37,400 and ₹1,38,000.
"We suggest buying gold around ₹1,36,000 and ₹1,37,000 with a stop loss of ₹1,35,100 for the target of ₹1,38,000 and ₹1,39,100 and buying silver around ₹2,12,000 and ₹2,10,000 with a stop loss of ₹2,07,700 for the target of ₹2,15,000 and ₹2,17,000," Jain stated.
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