Gold and silver prices reached all-time highs on the Multi Commodity Exchange (MCX) during intraday trading on Monday, September 8, supported by strong spot demand and positive global cues.
Record Prices on MCX
Gold (October futures) hit a record high of ₹1,08,060 per 10 grams, trading 0.30% higher at ₹1,08,053 around 2:10 PM.
Silver (December futures) touched a record high of ₹1,26,400 per kg, trading 0.36% higher at ₹1,25,150 per kg at the same time.
Why Are Prices Rising?
The rally in gold prices is driven by expectations of a U.S. Federal Reserve rate cut.
Recent data shows weakness in the U.S. labour market:
August payrolls grew by just 22,000, following a revised 79,000 gain in July.
June figures were cut by 27,000, bringing the combined June-July total 21,000 lower than earlier reported.
Unemployment rose to 4.3%, the highest in nearly four years.
Roach added that while a 50 bps rate cut is unlikely due to persistent inflation, a 25 bps cut is expected at the upcoming Fed meeting.
Expert Views: Key MCX Levels to Watch
Manoj Kumar Jain – Prithvifinmart Commodity Research
Gold (International): Support at $3,620–3,600, resistance at $3,674–3,700 per troy ounce
Silver (International): Support at $41.10–40.80, resistance at $41.84–42.10
Gold (MCX): Support at ₹1,07,000–1,06,350, resistance at ₹1,08,200–1,09,000
Silver (MCX): Support at ₹1,23,500–1,22,200, resistance at ₹1,26,000–1,27,700
Strategy: Buy silver on dips around ₹1,23,500, with a stop loss of ₹1,22,200 and a target of ₹1,26,300
Jigar Trivedi – Reliance Securities
Sees bullish momentum in gold continuing.
Believes MCX Gold October could move up to ₹1,08,000
Cites:
Weak U.S. job market
10th consecutive month of gold buying by China’s central bank
Gold exempted from U.S. tariffs
Rahul Kalantri – Mehta Equities
Gold (International): Support at $3,560–3,535, resistance at $3,615–3,635
Silver (International): Support at $40.40–40.10, resistance at $41.10–41.35
Gold (INR): Support at ₹1,07,240–1,06,740, resistance at ₹1,08,450–1,08,950
Silver (INR): Support at ₹1,23,250–1,22,350, resistance at ₹1,25,350–1,26,150.
