Gold price today: The rates of gold and silver rose to their fresh record highs on the MCX on Wednesday (December 24) morning on expectations of further rate cuts by the US Fed and the dollar’s weakness.
MCX gold February futures rose by 0.42% to a record high of ₹1,38,469 per 10 grams, while MCX silver March contracts jumped almost 2% to reach a fresh peak of ₹2,23,742 per kg. Around 9:20 am, MCX gold was 0.34% up at ₹1,38,354 per 10 grams, while MCX silver was 1.74% up at ₹2,23,481 per kg.
International gold prices surpassed the $4,500 per ounce mark on Wednesday for the first time, as expectations of further US Fed rate cuts next year continued fuelling safe-haven demand.
Apart from the Fed factor, the dollar’s weakness and tensions between the US and Venezuela are also driving the current rally in gold prices.
“Markets are pricing in two rate cuts in 2026 as inflation cools and employment conditions soften. Meanwhile, tensions between the US and Venezuela, after the US blockaded oil tankers, have boosted safe-haven demand,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
The dollar index dropped by 0.20%, falling to a near three-month low, making gold slightly cheaper in overseas currencies.
Domestic spot gold prices have surged nearly 80% while spot silver prices have soared by 145%, mirroring the global trend. In international markets, gold has jumped 72% so far this year, while silver has seen a stellar increase of 149%.
US Fed rate cuts and speculations of further easing, geopolitical conflicts, robust central bank buying, and strong investment in exchange-traded funds have driven gold prices this year, while silver has jumped on strong industrial demand amid a structural deficit.
Gold and silver: Key levels to watch
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold may trade in the range of $4,284 and $4,580 per troy ounce and silver is expected to trade in the range of $66.40-74.00 per troy ounce levels this week.
In today’s session, Jain said gold has support at $4,480 and $4,434, while resistance is at $4,535 and $4,580 per troy ounce. Silver has support at $70.00 and $67.70, while resistance is at $72.70 and $74.00 per troy ounce.
On the MCX, Jain said gold has support at ₹1,36,660 and ₹1,35,800 and resistance is at ₹1,38,850 and ₹1,40,000, while silver has support at ₹2,17,700 and ₹2,16,000 and resistance is at ₹2,22,000 and ₹2,25,000.
“We suggest booking profits in gold and silver long positions around ₹1,40,000 and ₹2,24,000 ahead of the Christmas holiday and wait for some corrective dips for initiating fresh long positions,” said Jain.
According to Trivedi, MCX gold February futures may stay positive, and ₹1,39,000 is the resistance for today.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $4,465 and $4,415 while resistance is at $4,545 and $4,570. Silver has support at $70.40 and $69.75, while resistance is at $72.00 and $72.90.
In INR, gold has support at ₹1,36,550 and ₹1,35,710, while resistance is at ₹1,38,650 and ₹1,39,470. Silver has support at ₹2,18,150 and ₹2,16,780 while resistance is at ₹2,21,810 and ₹2,22,970, said Kalantri.