Gold and silver prices hit record highs in India amid global rally

ByEnigma 808

Gold and silver prices in India hit record highs on Friday, driven by strong global cues. A weaker US dollar and rising demand for gold pushed prices up, with investors anticipating further gains. On the Multi Commodity Exchange (MCX), gold December futures rose by over Rs 2,000, reaching Rs 1,31,920 per 10 grams, while silver December futures climbed nearly Rs 2,000 to Rs 1,69,676 per kg.

Gold is on track for its best weekly performance since 2008, fueled by US-China trade tensions and expectations of another US Federal Reserve rate cut. The US dollar index slipped, making gold more affordable for buyers using other currencies. Despite the rising prices, demand for gold in India remains strong, with buyers fearing further price increases.

Experts expect gold prices to stay elevated in the near term, with support levels at Rs 1,26,000–Rs 1,24,500 and resistance at Rs 1,29,000–Rs 1,30,000. This year, gold prices in India have surged over 65%, driven by global uncertainties, central bank purchases, and strong ETF inflows.

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    Besides writing and being a content creator, Enigma 808 sometimes likes to watch paint dry on walls, listening to ASMR while timing snails racing. Such is life.