Gold Price Today: MCX Gold Rises Near ₹1.23 Lakh per 10 Grams, Silver Up 1% as US-China Trade Talks Boost Market Sentiment

Gold Prices Today: MCX Gold Near ₹1.23 Lakh per 10 Grams, Silver Jumps 1%

Gold prices climbed on Thursday, October 23, as investors bought into the dip seen earlier this week. On the Multi Commodity Exchange (MCX), December gold futures rose 0.89% to ₹1,22,938 per 10 grams, while silver December contracts gained 0.93% to ₹1,46,915 per kg around 9:08 AM IST.

According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, MCX gold prices for December expiry may trade in the range of ₹1,21,500–₹1,23,000 per 10 grams in the near term.

Global Gold Price Trends

In global markets, spot gold dipped 0.2% to $4,084.29 per ounce at 0310 GMT, while US gold futures for December delivery rose 0.9% to $4,100.90 per ounce, according to Reuters.

The US dollar index advanced 0.2%, making gold more expensive for investors holding other currencies. Analysts said traders were awaiting the US inflation data expected later this week, which may influence the Federal Reserve’s interest rate outlook.

Why Gold Prices Are Volatile

“Gold prices have fallen to around $4,080 per ounce after hitting record highs in recent weeks. Optimism over a potential US-China trade deal and positive remarks from President Trump have reduced gold’s safe-haven demand,” said Trivedi.

Despite the correction, gold prices remain up nearly 56% this year, supported by global economic uncertainty and expectations of further Fed rate cuts.

Analysts’ Outlook on Gold and Silver Prices

Rahul Kalantri, VP–Commodities at Mehta Equities Ltd, said that gold and silver prices stabilized after a sharp two-day correction. “Investors booked profits from record highs as optimism over US–India trade ties shifted focus toward risk assets,” he noted.

Kalantri added that seasonal demand in India has softened, affecting physical gold buying. However, he believes gold remains bullish in the long term, with support at ₹1,21,070–₹1,20,580 and resistance at ₹1,22,350–₹1,23,000. Silver support lies around ₹1,44,350–₹1,43,450, with resistance near ₹1,46,850–₹1,47,780.

Expert Views on the Gold Price Correction

Colin Shah, MD of Kama Jewelry, said the recent gold price correction was expected after a massive rally. “This is a healthy short-term correction. In the long run, gold is likely to continue its upward trajectory due to global economic triggers,” he said.

Shah added that investors are using the dip as an opportunity to “buy the dip”, while consumers benefit from lower prices during the festive and wedding season. “The correction is good for both investors and jewellery buyers,” he emphasized.

Gold Price Outlook

Gold generally performs well when interest rates fall, as lower yields reduce the opportunity cost of holding the metal. Markets have already priced in a 25-basis-point Fed rate cut in the upcoming meeting.

The delayed US Consumer Price Index (CPI) report is expected to show core inflation at 3.1% for September, which could further guide gold’s short-term movement.

Summary:

• MCX Gold: ₹1,22,938 per 10 grams (+0.89%)

• MCX Silver: ₹1,46,915 per kg (+0.93%)

• Spot Gold: $4,084.29/oz (–0.2%)

• US Gold Futures: $4,100.90/oz (+0.9%)

• Key Drivers: US-China trade optimism, Fed rate cut expectations, strong dollar

Disclaimer: The opinions and forecasts in this article are those of market analysts and experts. Investors should consult certified financial advisors before making investment decisions.