New Delhi: Gold and silver prices in India surged sharply on Thursday, October 17, with both metals hitting fresh record highs on the Multi Commodity Exchange (MCX). The rally was driven by global market trends, strong domestic demand ahead of the festive season, and a weaker U.S. dollar.
Gold December futures on the MCX jumped by Rs 2,400 (nearly 2 percent) to reach an all-time high of Rs 1,32,294 per 10 grams, while silver December futures climbed by Rs 2,750 (around 1.6 percent) to Rs 1,70,415 per kg. In international markets, spot gold also touched new highs as investors sought safe-haven assets amid economic uncertainty and rising geopolitical tensions.
Several factors have contributed to this surge. A weaker dollar has made gold cheaper for investors using other currencies. Central banks and global funds have been increasing gold purchases as a hedge against inflation and market volatility. In India, festive demand and “fear of missing out” buying have further boosted prices. Expectations of a U.S. Federal Reserve rate cut later this year are also supporting the rally.
Analysts, however, advise investors to proceed with caution. Technical charts show strong support for gold around Rs 1,28,000 to Rs 1,26,600, and resistance between Rs 1,31,000 and Rs 1,33,500. For silver, support lies at Rs 1,66,000–Rs 1,64,400, with resistance between Rs 1,69,200 and Rs 1,71,000.
Experts suggest booking partial profits if you already hold gold or silver and waiting for a correction before making new purchases. With global and domestic cues indicating continued volatility, short-term traders should remain alert while long-term investors can view dips as an opportunity.