Gold price today: The strength of the Indian Rupee versus the US dollar caused MCX gold rates in India to drop significantly, from ₹1,35,199 to ₹1,34,206 per 10 grams.
The current price of gold: Gold rates in India saw significant selling after the Indian Rupee's strength versus the US dollar over the weekend. The price of gold on the Multi Commodity Exchange (MCX) dropped from a record high of ₹1,35,199 per 10 grams to ₹1,34,206 per 10 grams, losing over ₹1,000 during the previous three sessions. With Christmas quickly approaching, investors want to know if the MCX gold rate's recovery at the close of Friday's session will continue the following week.
According to Jateen Trivedi, VP Research Analyst, Commodity & Currency at LKP Securities, "Gold prices have been trading in a narrow range on the global front near $4,330 in Comex, while domestic MCX gold remained under pressure around ₹1,33,850, slipping nearly 0.45% as rupee strength capped upside momentum."
What is now driving down the price of gold and silver?
"It is a domestic trigger as the Indian Rupee has been gaining ground after hitting a record low of 91.07 against the US Dollar," stated Anuj Gupta, Director of Ya Wealth, about the factors driving down gold and silver pricing today. After rising for three consecutive sessions last weekend, the Indian National Rupee (INR) concluded at 89.59. However, following the Bank of Japan's decision to raise interest rates, the Indian Rupee saw a significant increase in value relative to the US dollar. The market is discounting the dollar because to profits from the recent increase in the price of gold and silver, and the Bank of Japan's decision to raise rates is anticipated to put pressure on the currency. However, the overall trend for gold and silver remains bullish. Any big dip should be seen as a buying opportunity until the MCX gold rate is above ₹1,32,000 and the MCX silver rates are above ₹2,03,000 per kg."
Ponmudi R, CEO of Enrich Money, shared the technical prognosis for the price of COMEX gold, saying, "COMEX gold price is consolidating near $4,368/oz, maintaining strong footing above the $4,300 to $4,330 support zone." A strong bullish medium-term trend is maintained by the wider breakout structure. With the assistance of safe-haven flows, central bank demand, and geopolitical uncertainty, a persistent closing over $4,400 might open the door to $4,500.
MCX gold rate forecast
Over the past week, the MCX Gold rate has been stabilizing in the ₹1,33,400 to ₹1,35,300 region, just below a crucial resistance band. The contract is still respecting its ascending channel, and buyers are consistently drawn to dips. The range of support is ₹1,33,000 to ₹1,31,500. With the help of rupee dynamics and persistent safe-haven demand, a clear breakout over ₹1,34,500 to ₹1,35,000 might hasten the upward rise toward ₹1,37,000 to ₹1,40,000, according to the Enrich Money analyst.
Forecast for COMEX silver prices
Regarding the price of COMEX silver, Ponmudi R stated, "After reaching new all-time highs, the price of COMEX silver eased to about $67.4/oz." Strong industrial demand and tight supply conditions support the wider upward channel, which is still intact despite the downturn. The $64.7–$62.0 range is considered near-term support. On the upside, fresh momentum might push $70–75, solidifying the long-term bull cycle.
MCX Silver rate outlook: "After a protracted rally, momentum has slightly cooled as MCX Silver continues to trade near lifetime highs above ₹2,08,437." The larger ascending channel is still encouraging, despite the apparent short-term consolidation. Multiple EMA supports on the daily chart indicate that the ₹2,05,000 to ₹2,00,000 zone is still crucial. Holding above ₹2,00,000 keeps the long-term bullish structure intact. Resistance is placed at ₹2,10,000 to ₹2,15,000, and a breakout above this zone could trigger fresh highs, supported by strong industrial demand and supply constraints," said Ponmudi R of Enrich Money.
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