On the Multi Commodity Exchange (MCX), gold futures for February delivery declined by Rs 783, or 0.58 per cent, to Rs 1,33,738 per 10 grams in a business turnover of 15,457 lots.
The uptrend is expected to continue if prices are trading above $62 (Rs 1,94,000) support, says a analyst.
Either a side-breakout or breakdown will infuse a 2-3 percent rally, says analyst
Speaking on the current situation, Deepak Ballani, Director General, ISMA, said, "The most important request of the government is the revision of minimum support price of sugar. As we all know that the MSP was not revised for last six years."
The white metal jumped Rs 7,300 on Wednesday to breach the Rs 2 lakh per kilogram-mark for the first time, settling at Rs 2,05,800 per kg.
Platinum extended a breakneck rally, surging close to $2,000 an ounce before paring gains.
The rally has been driven by a powerful mix of global rate cuts, rising liquidity, a softer dollar, and structurally strong industrial demand, says analyst.
Gold has made its biggest jump since the 1979 oil crisis in 2025, with prices doubling in the last two years, says an analyst.
Ties between the two countries have remained strong despite pressure from Western sanctions after Russian President Vladimir Putin met with Indian Prime Minister Narendra Modi earlier this month
Silver rates across India's major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.
Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs
The increase in silver to the Rs 2 lakh level has been fueled by tightening stocks, strong industrial demand, and the metal's inclusion on the US key minerals list, says analyst.
Gold is expected to trade in the range of $4,290 (Rs 1,32,000) to $4,400 (Rs 1,36,000) this week. So, buy on dips around support, say analysts.
For silver, Rs 2,00,000 will be a difficult nut to crack. Prices are expected to touch the support of Rs 1,88,000 before rising higher to the resistance, says analyst.
The market is expected to see some profit booking, selling on rallies, say analysts.
Brent crude futures rose 25 cents, or 0.4%, to $61.37 a barrel at 0055 GMT, and U.S. West Texas Intermediate crude was at $57.67 a barrel, up 23 cents, or 0.4%.
Looking ahead, markets face a packed calendar of economic data and central bank decisions, keeping volatility elevated.
India remained the second-largest buyer of Russian fossil fuels in November behind China, according to the Centre for Research on Energy and Clean Air (CREA).
Silver prices will likely continue to rise as overall sentiment remains positive, says silver analyst.
Gold, which hit the performance peak in India on MCX during the festive season at Rs 1,35,024 on October 17, gained 1.77 percent in a week and 1.73 percent in a month.
So far this year, silver prices have zoomed by Rs 1.06 lakh (Rs 1,06,487), or 122.07 per cent, from Rs 87,233 per kilogram on December 31, 2024.
World supplies will exceed demand by 3.815 million barrels a day in 2026, which would still mark a record, but trims last month’s estimate by 231,000 barrels a day.
The metal has been buoyed by supply tightness after a historic short squeeze in October.
This strong uptick is reflective of fresh bets from traders in anticipation of healthier trends from global manufacturing, says analyst
If the forecasts and tone from the Fed chair build expectations for further rate cuts in 2026, that could push bullion further. However, if this meeting turns out like the last two – 'cautious cut' – it could keep bullions steady, says gold analyst.