Mumbai — Gold prices on the Multi Commodity Exchange surged on Wednesday, lifted by strength in the global bullion market and a sharp decline in the Indian rupee, which fell to a new record low against the U.S. dollar.
MCX gold opened 0.6 percent higher at Rs 1,30,550 per 10 grams, up from Tuesday’s close of Rs 1,29,759. Analysts said a sustained move above Rs 1,32,300 could push prices toward Rs 1,34,400–1,35,500, with near-term support around Rs 1,30,000 and a stronger base near Rs 1,28,400.
Silver futures also opened firmly, rising 1.21 percent to Rs 1,83,799 per kg compared with the previous close of Rs 1,81,601. Early trade saw gold extend gains to Rs 1,30,641, up Rs 882 or 0.68 percent, while silver climbed to Rs 1,84,153 per kg, up Rs 2,552 or 1.41 percent.
Globally, spot gold held steady after a 1 percent decline in the previous session as investors awaited key U.S. economic data that could signal whether the Federal Reserve will move toward interest-rate cuts later in the week. Spot gold traded at $4,207.43 per ounce, while U.S. gold futures for December climbed 0.5 percent to $4,239.50.
Silver slipped 0.2 percent to $58.32 per ounce, and platinum eased 0.4 percent to $1,631.10.
The rally in domestic gold prices was also underpinned by easing U.S. Treasury yields following a global sell-off in government bonds. But the biggest driver remained the weakening rupee, which hit an all-time low of 90.14 per dollar, raising import costs for Indian buyers. The currency has fallen more than 5 percent so far this year.
Investors are now focused on upcoming U.S. economic indicators, including the November ADP employment report and the delayed September Personal Consumption Expenditures Index, the Fed’s preferred inflation gauge.
Meanwhile, central banks continued their aggressive gold buying. The World Gold Council reported that global central banks purchased 53 tonnes of gold in October, a 36 percent month-on-month increase and the highest monthly total in 2025. (Source: IANS)
