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Gold and silver prices touched record highs last week, supported by the US Federal Reserve’s interest rate cuts and easing inflation in the United States, according to Manoj Kumar Jain, Director at Prithvi Finmart Commodity Research.

Jain said precious metals witnessed strong momentum after the US Fed cut interest rates by 25 basis points for the third time this year, while US CPI inflation declined to 2.7 per cent on a year-on-year basis.

“Lower inflation and expectations of more rate cuts next year have increased the appeal of gold and silver,” he noted, adding that global macro cues continue to drive volatility in bullion prices.

In the international markets, gold February futures settled at $4,387.30 per troy ounce on Friday, up 0.52 per cent, while silver March futures rose sharply by 3.48 per cent to close at $67.489 per troy ounce.

Every week, both metals closed at record levels, with gold crossing $4,380 and silver moving above $67 per troy ounce, reflecting sustained buying interest.

However, domestic bullion prices showed mixed trends due to the strengthening of the Indian rupee. On the MCX, gold February futures settled at Rs 1,34,196 per 10 grams, down 0.24 per cent, while silver March futures gained 2.39 per cent to close at Rs 2,08,439 per kilogram.

Jain pointed out that the Bank of Japan’s recent 25-basis-point rate hike had limited impact on precious metals, as the central bank’s stance was less hawkish than expected. “The BOJ’s cautious tone supported gold and silver prices globally,” he said.

Looking ahead, Jain expects bullion prices to remain volatile amid fluctuations in the dollar index, global financial market uncertainty, and ahead of key US GDP data.

He expects gold to trade in the range of $4,240–4,500 per troy ounce this week, while silver may move between $62.40–70.70 per troy ounce.

For today’s session, Jain sees support for gold at $4,355–4,320 and resistance at $4,410–4,440 per troy ounce. Silver has support at $66.60–65.50 and resistance at $68.20–69.10 per troy ounce.

On the MCX, Jain recommends buying gold on dips around Rs 1,33,800–1,33,400 with a stop loss at Rs 1,32,880, targeting Rs 1,34,500–1,35,500.

He also suggests buying silver on dips around Rs 2,05,500–2,04,000 with a stop loss of Rs 2,02,200 and targets of Rs 2,08,000–2,10,000.