Gold, Silver Prices Surge to Record Highs on MCX
Gold and silver prices surged to record highs this week on the Multi Commodity Exchange (MCX), with gold touching Rs 1,17,332 per 10 grams and silver reaching Rs 1,45,599 per kg. Both precious metals have outperformed Indian equities for the fourth consecutive Diwali-to-Diwali cycle.
Gold futures expiring on December 5 closed the week at Rs 1,18,100 per 10 grams, while silver futures expiring on the same date ended at Rs 1,45,599 per kg. Despite the bullish trend, volatility is likely to remain elevated in the gold market. Felix Mayer, an analyst, attributes this to robust central bank purchases and sustained inflows into Exchange-Traded Funds (ETFs), which continue to support gold prices.
Indian bullion prices remained bullish, with key support for gold at Rs 1,16,500 and resistance seen at Rs 1,18,500. Silver price ended the week at Rs 1,45,610 per kg, up Rs 1,223 from Monday's price. Silver futures expiring on the same date as gold closed at Rs 1,45,599 per kg.
Both gold and silver have reached record highs this week, driven by strong demand and supportive factors. While gold prices fell slightly from their peak to end the week at Rs 1,16,954 per 10 grams, they remain in a bullish structure. Traders and investors should keep an eye on the key support and resistance levels for gold and monitor the elevated volatility in the precious metals market.
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