Gold rate today hits Rs 1.48 lakh on MCX; silver posts sharp rebound; Check key levels

Gold, Silver price today: Gold and silver prices opened sharply higher on the Multi Commodity Exchange (MCX) on Tuesday. The move tracked a strong rebound in international bullion prices after recent losses.

MCX gold, silver rates today

MCX gold for April delivery opened 2.78 per cent higher at Rs 1,48,000 per 10 grams, compared with the previous close of Rs 1,41,669.

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MCX silver for March delivery began the session 4 per cent higher at Rs 2,45,711 per kg, against Rs 2,36,261 earlier.

Global cues lift bullion

International gold prices rose more than 3 per cent. The metal rebounded from a near one-month low hit in the previous session. Traders reacted to the absence of key economic data this week due to a partial US government shutdown.

Spot gold climbed 3.7 per cent to $4,837.16 per ounce. US gold futures for April delivery gained 4.5 per cent to $4,859.30 per ounce.

Spot silver surged 5.9 per cent to $84.09 an ounce.

Record levels remain in focus

Gold had scaled a record high of $5,594.82 last week. Silver had hit a life-time high of $121.64 in the same period.

Expert view: volatility to stay high, key support levels in focus

Manoj Kumar Jain, director, Prithvi Finmart, said gold and silver saw sharp losses in the previous session amid heavy selling pressure.

“Gold April futures were settled at $4,652.60 per troy ounce, down 1.95 per cent, while silver March futures settled at $77.009 per troy ounce, down 1.94 per cent. Domestic markets also closed on a weak note. Gold April futures settled at Rs 1,43,991 per 10 grams, down 2.55 per cent, and silver March futures settled at Rs 2,36,261 per kg, down 11.06 per cent,” Jain said.

He said the fall extended after last week’s sharp sell-off. This was driven by a stronger dollar index and heavy margin call pressure. Positions in gold and silver were liquidated in early trade due to margin calls. Prices later recovered from the day’s lows on short covering and bargain buying.

Jain added that the dollar index strengthened after the US and India agreed to a trade deal. The rupee also recovered from record low levels. This capped gains in domestic precious metals.

“We are witnessing very high volatility in both metals. Silver could hold its support at $65 per troy ounce, while gold could hold support at $4,440 per troy ounce on a closing basis this week,” he said.

He expects prices to remain volatile this week. Key triggers include movement in the dollar index, upcoming US jobs data and geopolitical tensions.

Gold, Silver: Key levels to watch

Gold support at $4,620–4,555 per troy ounce. Resistance at $4,770–4,910

Silver support at $71.20–67.00 per troy ounce. Resistance at $84.00–88.80

On MCX:

Gold support at Rs 1,40,000–1,36,600. Resistance at Rs 1,48,800–1,52,500

Silver support at Rs 2,28,000–2,21,100. Resistance at Rs 2,47,700–2,61,000

Trading strategy

Jain suggested buying gold between Rs 1,44,000 and Rs 1,38,000, with a stop loss below Rs 1,35,000. He sees targets at Rs 1,48,800–1,52,500.

For silver, he suggested buying around Rs 2,40,000–2,28,000, with a stop loss below Rs 2,21,000. Targets are seen at Rs 2,50,000–2,58,000.