Bullion hits new peaks: Gold approaches Rs 1.39 lakh, silver surges past Rs 2.32 lakh. What’s ahead now?

Gold and silver scale fresh record highs amid rate-cut bets and global uncertainty. Gold and silver scale fresh record highs amid rate-cut bets and global uncertainty. US interest rate cuts next year. Gold February futures on the MCX surged by Rs 800 to a new all-time high of Rs 1,38,991 per 10 grams. Meanwhile, silver March futures contracts shot up by over Rs 8,000 in early trade to touch a new peak of Rs 2,32,741 per kg. Gold soared as high as $4,530.60 per oz before cooling slightly to $4,502.75 in spot trade by 0225 GMT. US gold futures for February did not disappoint either, touching a record $4,533.60 per oz, up 0.7%. Meanwhile, silver stole the spotlight, surging 3.4% to $74.35 per oz and hitting an all-time peak of $75.14 per oz. So far in 2025, gold has jumped 72%, repeatedly shattering records. It is being powered by a potent mix of falling US yields, central bank hoarding, flight from dollar assets, and heightened geopolitical uncertainty. And silver? It is sprinting ahead with a jaw-dropping 158% year-to-date gain, driven by a global supply crunch, industrial demand, and its newfound status as a US-listed critical mineral. Back home, both metals ended Wednesday in the green. Gold February futures closed at Rs 1,38,097 per 10 grams (+0.15%), while silver March futures zoomed to Rs 2,23,790 per kg (+1.88%). That said, the metals were not without hurdles. The unexpected dip in US jobless claims to 214,000 (vs 224,000 expected) limited gold’s upside. Add to that some holiday profit-booking, and the shine was briefly dimmed-but only just. Where are we headed next? “Gold is holding above the critical $4,500 level and could be eyeing $4,890, while silver looks steady above $70, eyeing $78, in the coming sessions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research. He added that ongoing risk aversion and a shift away from volatile assets continue to funnel money into precious metals, keeping the bulls charged. The US Dollar Index (DXY) remained subdued near its two-month lows, hovering at 97.91, slipping marginally by 0.04 points. “Investor focus remains on the ongoing US blockade of crude shipments from Venezuela, continued hostilities between Russia and Ukraine, and a recent military strike by Washington against ISIS in Nigeria,” said Jigar Trivedi, Senior Research Analyst - Currencies & Commodities, at Reliance Securities. Also Read: PSU banks are quietly eating private banks’ lunch? Motilal Oswal says HDFC Bank, ICICI Bank, SBI and AU Bank matter most “Meanwhile, markets continue to price in two quarter-point rate cuts by the Federal Reserve next year as inflation cools and labour market conditions soften, even as Fed officials remain divided on the path ahead,” he added. Trade setup for today Gold (MCX): Support: Rs 1,37,200 - Rs 1,36,600 Resistance: Rs 1,38,850 - Rs 1,39,500 Strategy: Buy around Rs 1,37,400 - Rs 1,36,600 Target: Rs 1,40,000 Stop loss: Rs 1,35,800 Silver (MCX): Support: Rs 2,21,750 - Rs 2,19,500 Resistance: Rs 2,26,000 - Rs 2,28,800 Strategy: Buy near Rs 2,22,000 -...

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