Gold, silver rates today: Following the weakness in the US Dollar (USD), the Indian National Rupee (INR), and US bond yields, the precious metals witnessed strong buying in both the Indian and global bourses. MCX gold rates today witnessed strong buying and logged an intraday gain of ₹1,874 per 10 grams, reaching a high of ₹1,35,496 per 10 grams. Similarly, silver rates on MCX today recorded an intraday gain of ₹6,195, reaching a high of ₹1,99,046 per kg. In the international market, the COMEX gold price surged over $56 per ounce on Monday, reaching an intraday high of $4,384 per ounce. Similarly, silver prices in the international market surged by around $2 per ounce, reaching a high of $64.018 per ounce in the early morning dealings.
According to bullion experts, gold and silver rates today are on an upward trend, supported by both domestic and international factors. In the domestic trigger, the Indian Rupee has once again touched a new low of 90.70 against the US dollar. However, this has occurred when the US dollar index has slipped below the 98 level. So, the weakness in the domestic and international currencies fueled buying in gold and silver across bourses. The falling yield of US Treasury bonds also provided support to the rally and gold and silver rates today, they added.
USD vs INR in focus
Speaking on the primary reason that is fueling silver and gold rates today, Anuj Gupta, Director at Ya Wealth, said, “Gold and silver rates today witnessed strong buying as both USD and the INR witnessed sharp selling throughout the day. The US Dollar Index slipped below 98 levels, while the Indian Rupee hit a new low of 90.70 against the USD. This fueled buying in gold and silver both in India and abroad. However, falling US Treasury bond yields also provided some support to the gold and silver price rally. The US Treasury bonds’ yield has fallen from 4% to 3.5% in recent sessions, which has triggered a shift of money from the forex and bond market to the precious metals.”
Delay in India-US trade deal
Speaking on the outlook of USD vs INR, Jateen Trivedi, VP Research — Commodity & Currency at LKP Securities, said, “The rupee weakened by 28 paise to 90.70 as delays in the India–US trade deal and continued FII selling kept pressure on the currency. Elevated gold and silver prices have further impacted the import bill, exacerbating the rupee’s weakness. The currency is likely to trade in a 90.00–91.25 range in the near term.”
Gold rates today: Important levels
Speaking on the gold price outlook in the near-term, Jateen Trivedi said, “Gold prices scaled even higher as international spot gold surged towards the $4,350 zone, triggering a strong rally in the domestic market. The MCX gold rate today reflected global strength with a sharp gain of around ₹1,700, touching a fresh lifetime high of nearly ₹1,35,250. Renewed safe-haven demand and expectations around upcoming US economic data drove the move. With Non-Farm Payrolls and the Core PCE Price Index scheduled for this week, focus has shifted firmly to US macroeconomic cues, which are expected to keep volatility elevated. Gold prices are now seen trading in a higher range between ₹1,33,000 and ₹1,36,500.”
“In the international market, gold rates today have support placed at $4,280 per ounce, whereas it is facing a hurdle at $4,400 per ounce. Similarly, the silver rate today has immediate support at $60 per ounce, while it has also established a crucial support level at $58 per ounce. On the upper side, silver prices are facing resistance at $64 level. On breaking above this level, we can expect silver rates to touch $67 per ounce levels soon,” Anuj Gupta said.
Speaking on the outlook of MCX silver rates, Anuj Gupta added, “MCX silver rate today has immediate support placed at ₹1,93,000 levels, whereas it has made strong support at ₹1,90,000 per kg levels. On the upper side, silver rates today are facing a hurdle at the ₹2,00,000 per kg levels. On breaking above this resistance on a closing basis, we can expect the silver prices to touch ₹2,03,000 levels in the near-term.”
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
