Silver shines, domestic futures scale Rs 1,28,575 lifetime high on MCX; gold within Rs 200 of new peak—Catch spot rates here

Domestic silver futures surged to an all-time high in early trade on Friday. On MCX, the December 5 contract gained by as much as Rs 1,674, or 1.3 per cent, to a record Rs 1,28,612. Gold futures (October 3) climbed too, rising to as high as Rs 1,09,645 and coming within Rs 200 of their record high. At 9:45 am, silver futures were up 1.1 per cent at Rs 1,28,284 while gold was up 0.6 per cent at Rs 1,09,644 on the commodity derivative exchange. 

The rupee began the day at 88.38 against the US dollar after hitting a record low of 88.45 the previous day. Some analysts expect the domestic currency to hover within a 55-paisa range from that level in the near term. Weakness in the rupee tends to support domestic precious metal rates as it increases the import costs of gold and silver.

“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and geopolitical tensions. Gold is expected to trade in the range of $3,622-3,717 per troy ounce and silver in the range of $41.40-42.80 per troy ounce. Gold has support at $3,650-3,622 and resistance at $3,700-3,717 per troy ounce, and silver has support at $41.80-41.40 and resistance at $42.50-42.80 per troy ounce on Friday,” said Manoj Kumar Jain, director at Prithvi Finmart.

Gold & silver support and resistance levels today

At MCX, gold has support at Rs 1,08,550-1,08,000 and resistance at Rs 1,09,380-1,09,800 while silver support is placed at Rs 1,26,000-1,24,800 and resistance at Rs 1,28,000-1,29,200, he said.

Time to buy silver on dips

“We suggest buying silver on dips around Rs 1,26,000 with a stop loss of Rs 1,24,800 for targets of Rs 1,27,400-1,28,200,” said Jain.

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Retail gold prices in major cities (per 10 grams):

Please note: These are indicative rates for reference only. Actual rates may vary.

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