Mumbai, Oct 9 Gold and silver prices fell in early trade on Thursday, on the Multi Commodity Exchange (MCX), as investors booked profits after both metals hit record highs in the previous session.
At around 9:15 am, MCX Gold December futures were down 0.34 per cent at Rs 1,22,789 per 10 grams, while MCX Silver December futures slipped 0.75 per cent to Rs 1,48,738 per kg.
In Wednesday’s session, gold futures for December delivery had touched an all-time high of Rs 1,23,450 per 10 grams, and silver had hit a fresh peak of Rs 1,50,282 per kg.
Gold prices have seen a sharp rally this year, with domestic spot prices jumping more than 50 per cent so far.
The surge has been driven by global political and economic uncertainties, expectations of interest rate cuts by the US Federal Reserve, a weaker US dollar, strong central bank buying, and robust inflows into gold exchange-traded funds (ETFs).
Experts believe that despite some short-term volatility and profit booking, gold prices will continue to rise in the coming months.
They expect gold to surpass Rs 1,25,000 per 10 grams by the end of 2025, supported by rate cut hopes and concerns related to US trade tariffs.
“By year-end, gold on the MCX could move towards Rs 1,25,000–Rs 1,28,000 per 10 grams, while silver could test Rs 1,55,000–Rs 1,60,000 per kg, assuming the US Federal Reserve delivers one or two rate cuts and the dollar remains under pressure,” market experts added.
“Gold broke above $4,000 per ounce — up 53 per cent year-over-year — as investors sought safe havens amid the government shutdown and policy uncertainty,” analysts added.
The Dollar Index rallied to 98.90 due to political instability in France and Japan, which pressured commodities.
Oil fell 0.67 per cent to $62.13 per barrel as Trump announced progress on the ceasefire and inventories exceeded expectations, easing geopolitical risk premiums, as per the experts.
(Auto generated news from IANS Feed. This has not been edited by enewstime desk)
