MCX gold slips under ₹1.23 lakh per 10g as international bullion eases; expert outlook, support/resistance levels and buyer tips for investors and jewellery shoppers.
MCX Gold Rate Today Drops on Below ₹1.23 Lakh
Gold prices on India’s Multi Commodity Exchange (MCX slipped below ₹1.23 lakh per 10 grams on Monday as international bullion eased and the dollar strengthened, trimming gains for the safe-haven metal. Traders pointed to signs of easing US–China trade tensions and the prospect of major central bank decisions this week as key drivers that dented demand for gold as a hedge. The MCX December contract opened near ₹1,22,500 per 10 grams, signalling a short-term correction after recent rallies.
Globally, spot gold declined and US futures fell as market participants priced improving risk appetite following reports of progress in US–China talks; spot gold was quoted around $4,082.77 per ounce while December US futures softened. A firmer US dollar — making dollar-priced bullion costlier for other currency holders — amplified selling pressure, and those moves filtered into domestic trading. Investors tracking the “gold price India live update” saw MCX futures mirror international weakness early in the session.
Technically, brokers outlined clear intraday levels: analysts placed immediate support for MCX gold in the ₹1,22,470–₹1,21,780 band, with resistance near ₹1,23,950–₹1,24,800 for the December expiry. Silver too tracked lower, trading around ₹1.46 lakh per kg in early trade, as traders adjusted positions across precious metals. These support and resistance ranges are guiding short-term trading strategies and futures hedges for bullion funds and commodity investors.
