At 9:20 am, MCX gold February futures were up 0.54% at ₹1,35,668 per 10 grams. At ₹2,32,970 per kilogram, MCX silver March futures were up 3.81%.
The current price of gold: Due to strong spot demand, gold prices increased dramatically on Tuesday, December 30, morning trading on the MCX. At 9:20 am, MCX gold February futures were up 0.54% at ₹1,35,668 per 10 grams. At ₹2,32,970 per kilogram, MCX silver March futures were up 3.81%.
After suffering significant losses in the previous session, buying in gold and silver resumed. On Monday, MCX silver March futures contracts lost 6.40% to end at ₹2,24,429 per kilogram, while gold February futures fell 3.5% to end at ₹1,34,942 per 10 grams.
After their sharp increase this year, precious metals are seeing some profit booking. But because they expect the gold and silver bull run to continue in 2026, traders and investors are also purchasing the dips.
So far this year, domestic spot gold prices have increased by 80%, while spot silver prices have increased by more than 170%.
In addition to aggressive central bank purchases, strong inflows into exchange-traded funds (ETFs), and the weakening of the dollar, gold has increased due to US Fed rate reduction and predictions of additional rate cuts next year. Increased industrial demand in the face of limited supply has been a major factor in silver's climb.
The US Fed's monetary policy decisions and geopolitical developments will be the main factors influencing gold and silver prices next year.
Meanwhile, in response to what Moscow characterized as a Ukrainian drone strike on a Russian presidential house, Russian President Vladimir Putin reportedly told US President Donald Trump on Monday that Russia would reconsider its position in peace negotiations.
Gold prices will rise again if the current attempts to put an end to the conflict between Russia and Ukraine do not produce the intended results.
Bullion will also benefit greatly from additional rate reduction by the US Fed. Experts now predict two to three rate reductions of 25 basis points apiece in 2026.
Silver and gold: important levels to keep an eye on
Gold has support around $4,310 and $4,270 and resistance at $4,380 and $4,420 per troy ounce, according to Manoj Kumar Jain of Prithvifinmart Commodity Research. In today's session, silver has resistance at $74 and $78 per troy ounce and support at $68 and $65.
According to Jain, silver has support at ₹2,18,800 and ₹2,10,000 and resistance at ₹2,32,000 and ₹2,40,000 on the MCX, while gold has support at ₹1,33,300 and ₹1,31,800 and resistance at ₹1,36,600 and ₹1,38,000.
"We suggest avoiding fresh positions in both precious metals until the market stabilises in the next one or two trading sessions," Jain stated.
Gold has support around $4,305 and $4,245 and resistance at $4,385 and $4,445, according to Rahul Kalantri, vice president of commodities at Mehta Equities. Silver faces resistance at $73.35 and $74.20 and support at $71.20 and $69.75.
Gold has resistance at ₹1,36,850 and ₹1,38,670 and support at ₹1,33,550 and ₹1,31,710 in INR. Silver has resistance at ₹2,26,810 and ₹2,28,970 and support at ₹2,19,150 and ₹2,17,780.
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