Gold rates in India hold at their new record high ahead of the Navratri festival, despite having a volatile last week. 10 grams of gold has surged to a new all-time high of Rs 112,150 in 24 carat and at Rs 102,800 in 22 carat. In the coming week, the festive enthusiasm along with global trends will play a key role in driving sentiments for both gold and silver. At MCX, gold and silver could trade in the range of 106000-112000 and 123000-132000 respectively from September 22nd to September 26th.
Gold prices closed last week at new peak. The 24-carat gold rates rose by Rs 8,200 to Rs 11,21,500, and the 10-gram gold price rallied by Rs 820 to Rs 1,12,150.
Further, 22-carat gold prices climbed by Rs 7,500 to hit a new peak of Rs 10,28,000 per 100 grams. The 10-gram gold price is at Rs 1,02,800, up by Rs 750.
Additionally, gold prices in 18 carat zoomed by Rs 6,100 to Rs 8,41,100 per 100 grams. The price of 10 grams of gold climbed by Rs 610 to Rs 84,110.
Overall, gold prices have surged by nearly 6% in September.
MCX Gold Price + MCX Silver Price
Both gold and silver prices are near their record levels. On September 19, MCX gold futures with October 2025 expiry, surged by Rs 53 to end at Rs 1,09,900 per 10 grams, which is near its all-time high of Rs 1,10,666 per 10 grams.
Moreover, the MCX silver price with December 2025 expiry, closed at Rs 1,30,096 per 1kg, up by Rs 258 on Friday. The price is also near its record high of Rs 1,30,450 per 1kg.
Gold & Silver Prices Weekly Outlook:
According to SMC Global Securities, MCX gold and silver ended last week largely flat, as market digested the U.S. Federal Reserve's 25 bps rate cut, which was widely anticipated.
The Fed signaled borrowing costs may continue to ease gradually through the year, though Chair Jerome Powell emphasized a "meeting-by-meeting" approach, calling the latest move a risk management step in response to labor market softness. Despite Powell's cautious tone, gold has rallied nearly 39% year-to-date, supported by Fed easing expectations, geopolitical tensions, and sustained central bank demand.
Also, the analysts at SMC pointed out that supplies of used gold jewelry and coins in India remain tight, with investors holding on to bullion in anticipation of further price gains, even as gold repeatedly hits record highs.
Adding to the bullish backdrop, SMC's note said, Swiss gold exports to China surged 254% in August from July, underscoring robust Asian demand. Silver, meanwhile, gained about half a percent, recovering early-week losses as investors assessed the Fed's outlook. The central bank projects two more cuts this year but just one in 2026, signaling a measured pace of easing. Powell again stressed there is no urgency to accelerate cuts. Other global central banks were mixed, with the Bank of Canada lowering rates, while the Bank of England and Bank of Japan held steady. Beyond monetary policy, silver continues to draw support from strong industrial demand across solar, EV, and electronics sectors, coupled with ongoing supply constraints.
On the technical front, SMC's analysts note said, COMEX gold is facing resistance at $3,750, with a breakout opening potential toward $3,890, while support lies near $3,570. Silver is expected to trade between $39.85-43.90. In the domestic market, MCX gold prices may fluctuate in the range of Rs 1,02,500-1,13,900, whereas silver is likely to trade between Rs 1,18,000-1,33,000 in the week ahead.
Spot Gold Price + Spot Silver Price
Spot Gold climbed to $3,680 per ounce on Friday, marking a fifth consecutive weekly gain as investors reacted to the Federal Reserve's first rate cut of the year and monitored signals on future policy, as per Trading Economics. Further, Spot Silver Silver climbed more than 2% to near $43 per ounce on Friday, recovering losses from earlier in the week.
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