Gold rate today: MCX gold price jumps above ₹1.30 lakh per 10 grams; silver price spikes 1.5% to ₹1.84 lakh per kg

Gold prices on Multi Commodity Exchange of India (MCX) jumped on Wednesday, following gains in the international bullion market and weakness in Indian rupee that hit record low against the US dollar.
MCX gold rate opened 0.6% higher at ₹1,30,550 per 10 grams as against its previous close of ₹1,29,759 level. MCX silver price opened 1.21% higher at ₹1,83,799 per kg as compared to its previous close of ₹1,81,601 level.
At 9:25 AM, MCX gold price were trading higher by ₹882, or 0.68%, at ₹1,30,641 per 10 grams, while MCX silver rate was up by ₹2,552, or 1.41%, at ₹1,84,153 per kg.
In the international markets, gold prices were little changed after a 1% drop in the previous session, as investors awaited key US data for clues on potential interest rate cuts by the US Federal Reserve later this week.
Spot gold price was at $4,207.43 per ounce, while US gold futures for December delivery rose 0.5% to $4,239.50 per ounce. Silver price fell 0.2% to $58.32 per ounce, while platinum price declined 0.4% to $1,631.10.
“Gold prices rose, moving back toward a six-week high, supported by ongoing expectations of further monetary easing from the Federal Reserve. Recent US data indicated a modest slowdown in economic activity, bolstering expectations that the Fed may cut interest rates at its meeting next week,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Adding to the support, US Treasury yields slightly eased after having been pushed higher by a global sell-off in government bonds, he said.
US rate futures are pricing in an 89% chance of a rate cut in December, according to the CME’s FedWatch tool.
Meanwhile, a sharp fall in the Indian rupee also made gold price costlier for domestic investors. The rupee hit a life-time low of 90.14 against the US dollar. Rupee has depreciated more than 5% in 2025 so far.
Investors also focused on key data scheduled for this week, including November ADP employment figures on Wednesday and the delayed September Personal Consumption Expenditures (PCE) Index, the Fed's preferred inflation gauge, due on Friday.
According to the World Gold Council, central banks bought 53 tons of gold in October, up 36% month-on-month and the largest monthly net demand since the start of 2025.
Gold Price Outlook
According to Trivedi, MCX gold price for February expiry is likely to appreciate to ₹131,000 per 10 grams.
Ajay Kedia, Director, Kedia Advisory said that the trend for the yellow metal and silver prices remain positive for the day.
“MCX gold price has support around ₹1,28,650 level, while it may face resistance near ₹1,33,530 level” Kedia said.
According to Rahul Kalantri, VP Commodities, Mehta Equities, gold price has support at $4,175 - $4,145, while resistance at $4,270 - $4,295. Silver price has support at $57.70 - $56.85 and resistance at $58.95 - $59.45.
“MCX gold rate has support at ₹1,28,650 - ₹1,27,850, while resistance at ₹1,30,450 - ₹1,31,100. MCX silver price has support at ₹1,80,750 - ₹1,79,200, and resistance at ₹1,82,810 - ₹1,83,670.”
Silver Price Outlook
MCX silver price continues to remain exceptionally bullish, supported by both global Silver strength and the weak rupee environment. The white metal prices have hit fresh all-time highs near ₹1,84,727, reinforcing strong bullish sentiment.
“A sustained breakout above ₹1,84,000 could extend the rally toward the next resistance band at ₹1,86,000 – ₹1,88,000. Immediate support is placed at ₹1,82,700 – ₹1,81,300, while the previous high near ₹1,71,750 now acts as a powerful long-term support zone,” said Ponmudi R, CEO of Enrich Money.
According to him, as long as MCX silver price trades above these levels, the broader bullish trend remains firmly in place.
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