Gold prices rally Rs 8,500 to climb back to Rs 1.3 lakh. How close is the Rs 1.5 lakh target?
Gold prices have staged a sharp comeback, rising Rs 8,427 in just over two weeks, from a low of Rs 1,22,351 on November 18 to touch a high of Rs 1,30,778 on Tuesday. The precious metal has reclaimed key psychological levels, buoyed by a combination of safe-haven demand, expectations of U.S. rate cuts, and strong investor interest globally.
This renewed momentum follows a period of brief consolidation and has reignited discussions around the next major milestone: Rs 1.5 lakh per 10 grams.
The surge comes amid a broader rally in precious metals, with silver also hitting record highs recently. Traders and analysts alike are closely watching macroeconomic cues, central bank activity, and geopolitical developments to gauge whether gold’s latest run has more legs or is due for a pause.
Here’s what top market experts are saying about the outlook, key levels to watch, and the possibility of gold hitting Rs 1.5 lakh in the coming months.
According to Jigar Trivedi of Reliance Securities, “The recent surge in precious metals – highlighted by COMEX and MCX silver hitting a new all-time high – has reinforced a strong bullish backdrop for gold.”
COMEX Gold, he notes, continues to benefit from a combination of falling real yields, expectations of Federal Reserve rate cuts, a softer U.S. dollar, and sustained central-bank buying. At the same time, heightened geopolitical and macroeconomic uncertainty is amplifying safe-haven demand.
Further, Renisha Chainani, Head of Research at Augmont, also attributes the gold rally to a mix of domestic and global factors.
In her outlook shared with The Economic Times, Chainani said, “Gold is bullish due to Fed rate-cut expectations, weaker USD, inflation hedge demand, geopolitical risk, rising central-bank purchases, strong Indian physical buying, portfolio diversification, and constrained supply vs steady demand.”
She cautioned, however, that gold has entered a key resistance zone between Rs 1,30,000–Rs 1,32,000.
On the possibility of Rs 1.5 lakh being achieved soon, Chainani said, “A projected price target of Rs 1,50,000 could be reached next year in 2026, but cannot happen ‘soon’ unless a considerable amount of new catalysts come into play.”
She pointed out that near-term support for gold remains based on RBI’s gold accumulation, tariff impacts on MCX prices, low liquidity at MCX, and increased safe-haven demand.
Meanwhile, Jigar Trivedi’s technical levels show MCX Gold support at Rs 1,27,000 and resistance at Rs 1,35,000.
He noted “1.5 lakh is possible considering the current upmove,” but added that “Fed stance for the first half of 2026 is very much important.” While acknowledging that a “technical pullback” is likely, he maintained that “overall the undertone is bullish” and that in the next “three to four months, the psychological Resistance of 1.5 lakh may come on the table.”
Analysts also flagged that a sharper correction could emerge if U.S. yields rebound or the dollar strengthens. “Gold is approaching levels where short-term consolidation or profit-taking is likely,” Trivedi added. Still, the medium-term view remains constructive, supported by structural demand and ongoing global risk concerns. Also read: Silver to hit $60 per ounce as metals enter breakout month; oil set for steep decline: Peter McGuire
In summary, while Rs 1.5 lakh remains a widely watched target, both domestic and international analysts suggest that the path forward may include short-term volatility, with the larger trend still tilted in favour of the bulls.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)