Gold sparkles to Rs 1,01,539 on MCX amid safe haven buying; Is the trend likely to continue?

With a surge in safe-haven buying fueled by tariff uncertainties, gold October futures on MCX hit a new all-time high of Rs 1,01,539 per 10 grams after rising by Rs 277 or 0.27% today.

Additionally, silver September futures contracts were also trading firm at Rs 1,14,335 per kilogram, up by Rs 680 or 0.6% on the MCX around 10:45 a.m.

On Wednesday, gold and silver settled on a mixed note in both domestic and international markets. Gold October futures settled at Rs 1,01,262 per 10 grams with a loss of 0.07%, while silver September futures closed at Rs 1,13,655 per kilogram with a gain of 0.13%.

Gold and silver witnessed high price volatility, rebounding from the day’s lows after the U.S. Dollar Index slipped from its highs amid ongoing uncertainty over U.S. trade tariffs. The U.S. President recently imposed an additional 25% tariff on India and indicated the possibility of more tariffs on countries where trade deals are yet to be finalized.

Safe-haven buying continues to support gold and silver prices.

“Gold is trading near its long-term resistance of $3,454 per troy ounce, and if prices cross and sustain above these levels on a closing basis, further strength towards $3,480-3,509 per troy ounce could be seen in the upcoming sessions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.He also noted that silver is trading near its resistance level of $38.10 per troy ounce, and if prices cross and sustain above this level, it could extend gains toward $38.80-39.40 per troy ounce in the sessions ahead.“We expect gold and silver prices to remain volatile this week amid U.S. tariff uncertainty and fluctuations in the dollar index. Gold is expected to trade in the range of $3,360-3,480 per troy ounce, while silver is likely to trade between $35.80–38.80 per troy ounce,” he added.

Today, the U.S. Dollar Index (DXY) was hovering near the 98.16 mark, down 0.02 or 0.02%.

Manoj Kumar Jain suggested the following support and resistance levels for gold and silver on MCX:

– Gold has support at Rs 1,00,850–1,00,475 and resistance at Rs 1,01,555–1,02,220

– Silver has support at Rs 1,13,000–1,12,200 and resistance at Rs 1,14,400–1,15,200

He recommends holding long positions in silver between Rs 1,13,000–1,12,500, with a stop loss at Rs 1,11,800, for a target of Rs 1,14,200–1,15,500.

Standard gold (22 carat): Rs 58,304 per 8 grams
Pure gold (24 carat): Rs 62,168 per 8 grams

Standard gold (22 carat): Rs 56,984 per 8 grams
Pure gold (24 carat): Rs 60,792 per 8 grams

Standard gold (22 carat): Rs 56,808 per 8 grams
Pure gold (24 carat): Rs 60,560 per 8 grams

Standard gold (22 carat): Rs 57,088 per 8 grams
Pure gold (24 carat): Rs 60,832 per 8 grams