rewrite this title and make it good for SEOGold hovers near record high, silver prices hit fresh all-time high at Rs 1,25,249/kg. Is this just the beginning?

Gold and silver prices surged in Indian markets today, trading near record highs amid safe-haven demand and global uncertainty. Gold October futures climbed nearly Rs 500, or 0.5%, to an intraday high of Rs 1,05,300 per 10 grams, just shy of Monday’s lifetime peak of Rs 1,05,937. In the international market, gold touched a fresh all-time high of $3,578.40 per ounce.

Silver extended its rally for the fifth consecutive session, gaining Rs 588 to hit a new futures peak of Rs 1,25,249 per kg, supported by expectations of a US Fed rate cut and robust global demand.

On Monday, gold and silver settled on a positive note in the domestic market and international markets. Gold October futures contract settled at Rs 1,04,785 per 10 grams with a gain of 0.93% and silver December futures contract settled at Rs 1,24,661 per kilogram with a gain of 2.29%.

According to Manoj Kumar Jain, Head of Commodity Research at Prithivifinmart, the rally in bullion is largely fueled by safe-haven buying as investors seek refuge amid volatility in the dollar index, uncertainty over U.S. trade tariffs, and expectations of a U.S. Federal Reserve rate cut.

“Gold and silver extended their gains and gold hit a new lifetime high; silver also hit fresh 14-year highs amid safe-haven buying. Trend is volatile,” Jain said.

The bullish sentiment mirrors the global uptrend, though Jain emphasizes that domestic cues are playing a critical role in price momentum.Looking ahead, Jain expects the trend to remain volatile due to fluctuations in the rupee and international factors. He forecasts that gold could test Rs 1,07,000 and silver Rs 1,27,000 in the short term.“We suggest buying gold and silver on dips for the target of Rs 1,07,000 and Rs 1,27,000, respectively, in the short term,” he added.

As for immediate technical levels on MCX, Jain noted that gold has support at Rs 1,04,220–Rs 1,03,650 and resistance at Rs 1,05,200–Rs 1,05,850, while silver has support at Rs 1,23,300–Rs 1,22,000 and resistance at Rs 1,25,850–Rs 1,27,000.

He also provided a broader view on the global outlook, pointing out that the dollar index sustaining below the 98 mark—alongside strength in the Euro and Chinese Yuan—is supporting gold prices globally.

“The Fed rate cut hopes and profit taking in the dollar index are also supporting gold and silver prices,” he said.

Today, the US Dollar Index, DXY, was hovering near the 97.82 mark, gaining 0.05 or 0.05%.

Further, Jain expects international gold prices to trade between $3,454 and $3,600 per troy ounce, with silver in the range of $39.10 to $42.40 per troy ounce this week. He pegs support for gold at $3,522–$3,500 and resistance at $3,555–$3,584, while silver support lies at $41.20–$40.84, with resistance at $41.94–$42.40.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,360/8 grams while pure gold (24 carat) prices stand at Rs 61,160/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 57,024/8 grams while pure gold (24 carat) prices stand at Rs 60,784/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,872/8 grams while pure gold (24 carat) prices stand at Rs 60,680/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,760/8 grams while pure gold (24 carat) prices stand at Rs 60,520/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)