Mumbai: Gold prices on the Multi Commodity Exchange (MCX) jumped on Wednesday, supported by gains in the global bullion market and the sharp fall in the Indian rupee, which touched a record low against the US dollar.
MCX gold opened 0.6 per cent higher at Rs 1,30,550 per 10 grams, compared with its previous close of Rs 1,29,759.
“A clean and sustained close above Rs 1,32,300 can propel prices toward Rs 1,34,400– Rs 1,35,500. Immediate support lies near Rs 1,30,000, while the stronger base remains positioned around Rs 1,28,400,” analysts stated.
Silver also started strong, rising 1.21 per cent to Rs 1,83,799 per kg from Tuesday’s close of Rs 1,81,601.
During early trade, gold was trading even higher at Rs 1,30,641, up Rs 882 or 0.68 per cent, while silver climbed to Rs 1,84,153 per kg, gaining Rs 2,552 or 1.41 per cent.
In international markets, gold was steady after falling 1 per cent in the previous session. Investors are waiting for important US economic data that could indicate whether the US Federal Reserve will cut interest rates later this week.
Spot gold hovered at $4,207.43 per ounce, while US gold futures for December rose 0.5 per cent to $4,239.50 per ounce.
Silver slipped 0.2 per cent to $58.32 per ounce and platinum dropped 0.4 per cent to $1,631.10.
Gold also found support as US Treasury yields eased slightly following a global sell-off in government bonds.
A major factor behind the rise in domestic gold rates was the weakening Indian rupee. The currency hit an all-time low of 90.14 against the US dollar, making gold more expensive for Indian buyers.
The rupee has already lost more than 5 per cent of its value so far in 2025.
Investors are now watching key economic numbers due this week, including the November ADP employment data and the delayed September Personal Consumption Expenditures (PCE) Index, the US Fed’s preferred inflation measure.
Meanwhile, central banks continued to boost their gold reserves. According to the World Gold Council, they bought 53 tonnes of gold in October — marking a 36 per cent increase from the previous month and the highest monthly purchase so far in 2025.
(IANS)
