Gold prices in the domestic markets have recently been volatile, however, the yellow metal has performed exceptionally well in October 2025. This upward trend can be attributed to a combination of factors, including robust global demand, heightened investor risk aversion, increased purchasing during the festive season, and various supply-related factors.
The MCX gold rate saw a significant rally in October, driven by several key factors. The US Federal Reserve’s decision to cut interest rates played a crucial role, as did the heightened demand for gold during the Diwali festival. Additionally, central banks’ buying activities contributed to the upward pressure on prices, while gold’s status as a safe-haven asset in the context of ongoing volatility in equity markets further boosted its appeal.
During the month, MCX gold rose nearly 5%, the yellow metal touched a record high of ₹132,294 per 10 grams. Similarly, MCX silver also rose by 5%, and hit a record high of ₹170,415 per kg.
Gold price today
Gold prices on MCX opened lower on Friday, following weakness in international bullion prices amid a strong dollar. Silver prices also declined over half a percent.
MCX gold rate opened 0.29% lower at ₹1,21,148 per 10 grams as against its previous close of ₹1,21,508 level. MCX silver price opened 0.47% lower at ₹1,48,140 per kg as compared to its previous close of ₹1,48,840 level.
Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said that Gold is set for its second consecutive weekly decline, but will likely end the month higher, up around 4.5%, thanks to strong central bank purchases totaling 220 tons in Q3, led by Kazakhstan and Brazil. Today’s session will be crucial as both the weekly and monthly closings are expected to provide clearer direction for the coming month.
A monthly close below $4,000 would be slightly negative; however, we expect gold to consolidate within the $3,850–$4,170 range. In India, traders should watch the key level of ₹117,500 as a key support level and keep eye on the dollar index and USDINR next month, as both are at critical levels. A breakout above 100 in the dollar index or 89 in USDINR could trigger a sharp move in both and could sharply affect gold prices.
Gold prices Outlook for November
ICICI Direct recently reported that spot Gold is anticipated to maintain its position and rise due to robust demand from global central banks. Additionally, prices are expected to receive support from significant investment demand stemming from economic uncertainties and tariff issues.
On the other hand, a strong dollar and increasing expectations for a pause in the US Fed’s rate cuts in December could limit any significant upward movement in bullion prices. According to the CME Fed-watch tool, the likelihood of a rate cut in December has stayed below 75%.
“Spot gold is likely to remain volatile and move in the band of $3960 and move towards $4060. Only move above $4060 it would turn bullish and move towards $4100. MCX Gold December is expected to rise towards ₹122,800 level as long as it hods above ₹118,800 level.
MCX Silver Dec is expected to hold the key support at ₹145,000 level and move higher towards ₹149,800 level,” said the brokerage in its report.
Further, Anuj Gupta, Commodity expert said that they are expecting a sideways movement in gold as safe haven demand is drifting due to positive outlook on US china trade talks. Geopolitical tension are also easing off. On the other side dollar index and bond yields are gaining so funds are diversifying in it. For the next month gold may trade between $3800 to $4100 levels in domestic market it may trade between 116,000 to 122,000 levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
