MCX Gold Hits Rs 1,25,999 as Silver Rises Amid Global Rate-Cut Buzz
MCX gold and silver climbed amid a weaker dollar and US Fed rate-cut speculation. Domestic demand surged as traders anticipate market volatility.
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The domestic markets saw an increase in gold and silver futures on Friday. Gold December contracts on MCX were up 0.39% at Rs 1,25,999 per 10 grams, while silver December contracts went up 0.85% and reached Rs 1,63,849 per kg.
Among the factors contributing to the price rise were the wedding season demand that was strong, the Federal Reserve's imminent interest rate cut that was being widely expected in December, and the dollar's weakness. The FOMC would have a meeting on December 9-10, while RBI's MPC would have a meeting from December 3-5.
For MCX gold, the support and resistance levels are Rs 1,26,600–1,27,100 and Rs 1,28,200–1,29,000, respectively. Silver support and resistance are Rs 1,63,500–1,64,400 and Rs 1,67,700–1,70,000.
Gold internationally has support at $4,134–$4,160 per troy ounce and resistance at $4,210–$4,240. Silver support is at $52–$52.70 and resistance is at $53.80–$54.20.
Volatility in gold and silver prices is likely to be a constant, as traders are to react opposite to the flows of US dollar, global financial markets, and news related to Russia-Ukraine.
