Gold, silver prices hit record highs on MCX

Gold and silver prices soared to fresh record highs on the MCX on Friday, October 17, boosted by firm global cues, a weaker dollar, and strong domestic demand. MCX Gold December futures surged nearly ₹2,400, or 2%, to a historic ₹1,32,294 per 10 grams, while MCX Silver December futures climbed ₹2,750, or 1.6%, to an all-time high of ₹1,70,415 per kg.

Globally, gold is heading for its best weekly gain since 2008 amid intensifying US-China trade tensions and expectations of further US Fed rate cuts. The dollar index slipped 0.20%, making gold cheaper in other currencies and spurring demand. Domestically, festive buying remains strong, with Tanishq CEO Ajoy Chawla noting a rush among buyers anticipating further price increases.

Analysts say the rally is driven by geopolitical and economic uncertainty, strong central bank purchases, ETF inflows, and hopes of rate cuts. Experts suggest buying on dips. Manoj Kumar Jain pegs gold support at ₹1,28,000–₹1,26,600 and resistance at ₹1,31,000–₹1,33,500, while silver’s support lies at ₹1,66,000–₹1,64,400 and resistance at ₹1,69,200–₹1,71,000. Similarly, Rahul Kalantri sees gold support around ₹1,29,270 and resistance near ₹1,31,500.