Gold futures on MCX are back in the spotlight this Thursday, with prices climbing above ₹97,500 during early trades. The breakout comes on the back of improving global sentiment for the yellow metal, supported by a weaker U.S. dollar, softer bond yields, and a return of safe-haven flows after this week’s geopolitical cooldown.
In the international market, the spot price for gold (XAU/USD) is hovering near $3,345, extending its rebound from this week’s low of around $3,280. That global strength is flowing directly into Indian markets, with MCX futures pushing to levels not seen since the mid-June high.
With India’s wedding season approaching, physical buying is quietly picking up pace. Meanwhile, traders who had stepped aside are easing back in, and that’s showing up on the charts.
MCX Gold Price Analysis
- Current price: ₹97,580
- Immediate resistance: ₹97,800
- Next target: ₹98,200
- Key supports: ₹96,800- ₹96,000
Unless we see a sharp U.S. dollar recovery or an unexpected hawkish twist from the Fed, any short-term dips may remain limited.
Outlook
Gold on MCX appears to have established a short-term base around ₹97,000. If prices drift toward ₹96,800, it’s likely to attract dip buyers, especially if global cues stay constructive. A breakout above ₹97,800 would shift focus toward ₹98,200, opening the way for further upside.
This isn’t just a knee-jerk bounce. The move is shaping up as a firm continuation of the broader uptrend, supported by stable global prices and a calm rupee. Bulls have the upper hand, and for now, the momentum remains with them.
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