Gold prices in India stayed strong this week, hitting record highs as traders reacted to global uncertainty from a U.S. shutdown, new tariff worries and tense geopolitics.
The 24‑carat gold price on Monday started at ₹1,15,454 for a 10‑gram piece. By Thursday, it surged to a peak of ₹1,17,332, the highest level ever recorded on the market. Though the price fell slightly on Friday, it finished the week at ₹1,16,954—still ₹1,500 above Monday’s level.
Silver, too, climbed. It ended the week at ₹1,45,610 per kilogram, up ₹1,223 from Monday’s ₹1,44,387. According to Jateen Trivedi of LKP Securities, gold’s recent sharp moves mean the metal can swing either way. He highlighted a key support level at ₹1,16,500 (about $3,840) and a resistance near ₹1,18,500 (around $3,900). “Gold remains in a bullish setup, but expect higher volatility when new data drops,” Trivedi added.
In India’s futures market, prices tracked the upward trend. On the Multi‑Commodity Exchange (MCX), the December 5 gold contract closed at ₹1,18,100 per 10 grams, while the silver future ended at ₹1,45,599 per kilogram.
Analysts point to strong central‑bank purchases and continued investment in gold ETFs as reasons for the sustained rally. Gold’s performance has also outpaced Indian equities for four straight Diwali‑to‑Diwali cycles, and the yellow metal has beaten the stock market in seven of the last eight years.
Key takeaways:
- Indian gold hits all‑time highs amid U.S. and global market concerns
- Silver follows the rally, also reaching record levels
- Prices set to stay volatile with significant support and resistance levels identified
- Gold outperforms Indian equities, keeping investors shifting towards bullion
For traders and investors, keeping an eye on gold’s support range and upcoming economic data will be essential as the metal’s upward momentum continues.
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