MCX Gold Price Falls From Record High, Erases Rs 88,000 Per 10 Grams Mark; Time To BUY Or Book Profits?

Gold prices in India pulled back from their record-high levels on Monday, March 17. 24K, 22K and 18K gold prices have plunged by 8 to Rs 1,100 in a single day, while MCX gold price erased its Rs 88,000 per 10 grams mark. Also, spot gold corrected from its $3,000 mark, and was currently trading with mild gains. Despite the latest correction, gold is still expensive and near its record high! Should investors buy or book profits?

This week, FOMC's 2-day meeting is scheduled from March 18, with outcome announcement on March 19. In the previous policy, FOMC kept its key fund rates unchanged owing to uncertainty and elevated inflation.

Gold prices in India:

10 grams of gold is at Rs 89,560 in 24K, at Rs 82,100 in 22K and at Rs 67,180 in 18K. The gold prices in 10 grams were down by Rs 80 to Rs 110. While 100 grams gold prices plunged by Rs 800 to Rs 1,100. Gold prices fell after 24K gold hit a new all-time high of Rs 89,780 per 10 grams on March 14, followed by new record of Rs 82,300 per 10 grams in 22K.

Silver Prices In India:

Along the similar lines, silver prices also plunged with 1Kg silver at Rs 1,02,900 down by Rs 100, and 1 gram silver below Rs 0.10 to Rs 102.90. 100 grams and 10 grams silver is down by Rs 10 and Re 1 to Rs 10,290 and Rs 1,029. On March 14, silver had touched its new record of Rs 1,03,000.

Both gold and silver prices in India are still up by 3.4% and 6.08% in March 2025 so far.

MCX Gold, Silver Prices:

At the time of writing, MCX gold futures, with April 2025 expiry dipped by Rs 196 or 0.22% to Rs 87795 per 10 grams, which was near its intraday low of Rs 87692 per 10 grams. MCX silver futures, with May 2025 expiry, also dipped by Rs 309 or 0.31% to Rs 1,00,429 per 1kg, which was near its intraday low of Rs 1,00,320 per 1kg.

Last week, on March 13, both MCX gold and silver touched their new record high of Rs 88,310 per 10 grams and Rs 1,04,072 per 1kg.

Spot Gold Price:

As per Trading Economics, gold rose above $2,980 per ounce on Monday, hovering near a record high, supported by strong safe-haven demand. Fresh geopolitical risks bolstered bullion prices after the U.S. stated it would continue strikes against Yemen's Houthis until they cease attacks on shipping in the Red Sea.

Should You Buy Gold, Silver?

As per Nirmal Bang's technical report dated March 17, gold prices are expected to rise. One can buy at 87800 with a stop loss of 87500 for the target at 88100-88400.

On silver, the brokerage said, silver prices are expected to rise. One can buy at 100200 with a stop loss of 99500 for the target at 100200-103000.

Meanwhile, Rahul Kalantri, VP Commodities, Mehta Equities said, gold and silver prices ended last week on a strong note, as global financial markets faced uncertainty due to U.S. trade tariffs. Gold surpassed $3,000 per troy ounce for the first time, while silver reached a 4.5-month high, driven by safe-haven demand. Investor sentiment turned positive toward gold ETFs amid recession fears, pushing global gold ETF inflows to a 34-month high in February.

Going ahead, Kalantri added, the U.S. economic data was also disappointing as consumer confidence shaken and UOM inflation expectation surged to 4.9%. Fear of stagflation in the U.S. could continue to drive bullion prices. Gold has support at $2968-2950 while resistance at $3012-3030. Silver has support at $33.65-33.35 while resistance is at $34.12-34.32. In INR gold has support at Rs 87,640-87,420, while resistance at Rs 88,240-88,410. Sliver has support at Rs 99,850-98,950 while resistance at Rs 1,01,820-1,03,250.