Gold price today: Rates of gold and silver saw sharp gains in the morning session on the MCX on Tuesday, October 14, as heightened concerns over US tariffs and expectations of further rate cuts by the US Federal Reserve continue fuelling safe-haven demand.
MCX Gold December futures jumped over ₹2,300, or over 1.8 per cent, to hit a new record high of ₹1,26,930 per 10 grams, while MCX Silver December futures surged by over ₹8,000, or more than 5 per cent, to scale a fresh peak of ₹1,62,700 per kg in Tuesday’s session.
In the previous session, MCX Gold ended 2.6 per cent higher at ₹1,24,562 per 10 grams, and MCX Silver closed with a steep gain of 5.6 per cent at ₹1,54,650 per kg.
Why are gold prices rising?
Gold prices are surging amid global political and economic uncertainties. Fresh trade tensions between the world’s two largest economies-the US and China -have raised fears that they will significantly impact global trade and economic growth.
US President Donald Trump has announced a 100 per cent tariff on Chinese products and export controls on critical U.S.-made software, effective November 1, following Beijing’s decision to expand its rare-earth export controls.
Besides, the prospects of two more US Fed rate cuts this year, strong central bank buying, and strong ETF inflows are also driving gold prices to unprecedented levels.
Is it the right time to buy gold?
Domestic gold prices have surged by over 60 per cent year-to-date as investors shift away from riskier equities and flock to safe-haven assets amid growing concerns over US tariffs, weak earnings from Indian companies, and stretched market valuations.
Experts say one may consider booking partial profits in precious metals at this juncture, given their sharp rally.
“We recommend booking partial profits in gold and silver at this juncture, even as the medium to long-term outlook remains bullish,” said Anuj Gupta, A SEBI-registered analyst.
“After Diwali, the premiums of gold and silver in the spot market are expected to correct. Silver is at a premium of ₹30,000, and gold is at a premium of about ₹8,000,” said Gupta.
Gupta’s year-end target for silver now is $60. On the MCX, he expects silver to be in the range of ₹1,70,000 to ₹1,75,000 per kg.
Gold should be in the range of $4,200 and $4,300, said Gupta. On the MCX, the yellow metal is expected to be in the range of ₹1,28,000 to ₹1,30,000 per 10 grams by the end of 2025, Gupta said.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,084 and $4,040, while resistance is at $4,165 and $4,210 per troy ounce, and silver has support at $49.50 and $48.80, while resistance is at $51.20 and $52.50 per troy ounce in today’s session.
On the MCX, gold has support at ₹1,23,300 and ₹1,22,200 and resistance is at ₹1,25,500 and ₹1,27,000, while silver has support at ₹1,52,800 and ₹1,51,000 and resistance is at ₹1,56,600 and ₹1,58,500, said Jain.