Gold and Silver Hit Record Highs on MCX: Key Levels to Watch

New Delhi :

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.

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -

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.

Latest

More Articles