Mumbai, Oct 17
Gold and silver prices in India soared to new record highs on Friday, following strong global cues.
A weaker US dollar and rising spot demand pushed prices higher, with investors rushing to buy amid expectations of further gains.
On the Multi Commodity Exchange (MCX), gold December futures surged by over Rs 2,000, or 1.6 per cent, to hit an all-time high of Rs 1,31,920 per 10 grams.
“Support levels are seen at Rs 1,26,000–Rs 1,24,500, while resistance is placed around Rs 1,29,000–Rs 1,30,000," experts mentioned.
So far this year, domestic gold prices have surged by over 65 per cent, supported by global political and economic uncertainties, heavy central bank purchases, expectations of lower US interest rates, and strong inflows into gold-backed exchange-traded funds (ETFs).