Gold prices on the MCX rose on Thursday (October 23) morning as investors bought the dip from the previous session. December MCX Gold futures climbed 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. Jigar Trivedi, Senior Research Analyst at Reliance Securities, expects December gold to trade between ₹1,21,500 and ₹1,23,000 per 10 grams.
Globally, gold eased 0.2% to $4,084.29 per ounce as the dollar strengthened ahead of key US inflation data, while US gold futures rose 0.9% to $4,100.90. Trivedi noted that optimism over a potential US-China trade deal has reduced gold’s safe-haven demand. Rahul Kalantri of Mehta Equities said both gold and silver stabilised after profit-booking, as investors shifted towards risk assets amid improving global sentiment and easing demand in India.
He pegged gold support at ₹1,21,070–₹1,20,580 and resistance at ₹1,22,350–₹1,23,000. Colin Shah, MD of Kama Jewelry, said the decline was a healthy correction after a strong rally, providing investors an opportunity to “buy the dip,” while consumers benefit from lower prices for festive and wedding purchases.