Gold prices on the Multi Commodity Exchange (MCX) climbed sharply on Thursday, tracking global gains as soft US inflation data raised expectations of Federal Reserve rate cuts. Heightened geopolitical tensions in the Middle East further boosted demand for the safe-haven asset.
Gold opened at ₹97,650 per 10 grams on MCX, up ₹946 or 0.97% from the previous close of ₹96,704. Silver also rose, opening at ₹1,05,850 per kilogram, compared to the prior close of ₹1,05,392.
By 9:10 AM, gold futures were trading at ₹98,038, up ₹1,334 or 1.38%, while silver rose ₹843 or 0.80% to ₹1,06,235.
In international markets, gold prices advanced as the US dollar weakened and tensions in the Middle East escalated. Softer-than-expected inflation data in the US fueled optimism around a potential easing of monetary policy. Spot gold rose 0.6% to $3,372.46 an ounce, while US gold futures jumped 1.5% to $3,393.
The US dollar index dropped to a near two-month low, making dollar-priced gold more attractive to foreign buyers. Meanwhile, the Indian rupee appreciated by 8 paise to 85.43 per US dollar, strengthening gold’s domestic appeal.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, said gold remains well-supported in the short term due to weak US inflation data and volatile geopolitical conditions. He expects continued price fluctuations ahead of key economic indicators such as producer price index (PPI) and jobless claims.
Ajay Kedia, Director at Kedia Advisory, echoed this view, citing increased safe-haven demand amid geopolitical tensions and rising rate cut hopes. He also noted that the gold-silver ratio has climbed after a 15% drop over the past 50 days, indicating stronger momentum for gold compared to silver.
Looking ahead, Trivedi sees potential for gold to test the $3,400 level if it breaks above $3,375. On the MCX, he expects support at ₹97,500 and resistance at ₹98,400. Kedia forecasts resistance at ₹98,880 and support at ₹96,640 for gold. For silver, he identifies support at ₹1,05,250 and resistance at ₹1,07,840.
Sigachi Industries Stock Rallies 50% in Three Months on Strong Earnings
Shares of Sigachi Industries have surged nearly 50% over the past three months, continuing their strong upward momentum with a 33% gain in the last month alone. Over two years, the stock has risen more than 126%.
The company, a key producer of Micro Crystalline Cellulose Powder (MCCP), reported a 23.15% year-on-year increase in Q4 operating income, reaching ₹128 crore. EBITDA rose sharply by 74.84% to ₹28.5 crore, resulting in a margin of 22.31%. Net profit stood at ₹16.2 crore, up 7.28%, with a PAT margin of 12.63%.
MCC revenue climbed 55.08% to ₹121.32 crore, while revenue from the operations and maintenance segment increased 17.9% to ₹10.76 crore.
Sigachi highlighted strong demand in both domestic and international markets, driven by quality-focused production and a customer-centric strategy. The company has significantly outpaced the global MCC market’s 5-year CAGR of 6.5% with its own CAGR of 26.47%.
For FY25, MCC revenue rose 23.89% and volume increased by 29.57%.
On Thursday, Sigachi shares opened at ₹55.88 on the BSE and reached an intraday high of ₹57.19. The stock has rallied over 30% since early June, backed by high trading volumes and a breakout above the December swing high, forming a bullish saucer pattern.
Technical analyst Rajesh Bhosale of Angel One said the breakout, along with rising volume and momentum, suggests further gains. The stock is poised to test the ₹68–₹70 range in the near term, with support at ₹52.
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