Mumbai, Dec 3 || Gold prices on the Multi Commodity Exchange (MCX) jumped on Wednesday, supported by gains in the global bullion market and the sharp fall in the Indian rupee, which touched a record low against the US dollar.
MCX gold opened 0.6 per cent higher at Rs 1,30,550 per 10 grams, compared with its previous close of Rs 1,29,759.
"A clean and sustained close above Rs 1,32,300 can propel prices toward Rs 1,34,400– Rs 1,35,500. Immediate support lies near Rs 1,30,000, while the stronger base remains positioned around Rs 1,28,400," analysts stated.
Silver also started strong, rising 1.21 per cent to Rs 1,83,799 per kg from Tuesday’s close of Rs 1,81,601.
During early trade, gold was trading even higher at Rs 1,30,641, up Rs 882 or 0.68 per cent, while silver climbed to Rs 1,84,153 per kg, gaining Rs 2,552 or 1.41 per cent.
In international markets, gold was steady after falling 1 per cent in the previous session. Investors are waiting for important US economic data that could indicate whether the US Federal Reserve will cut interest rates later this week.