Gold Price Breaks Above Rs 1,60,000 for First Time Ever

The gold price prediction for Monday, August 24, 2026, is sideways to bullish after MCX Gold closed above Rs 1,60,000 for the first time ever on Friday, August 21. The September contract settled at Rs 1,59,991 with a gain of 1.24%.

Ankit Jaiswal, Research Analyst at Univest, notes that this is a significant milestone in gold prices as it signals institutional acceptance of the new price range. Kunal Singla, also from Univest, observes that Rs 1,60,000 has now become the psychological support floor for gold prices.

The support levels for Monday are between Rs 1,59,500 and Rs 1,59,600, while resistance is at Rs 1,60,555. A decisive Monday close above this level would confirm the bullish trend, targeting Rs 1,61,500 to Rs 1,62,000.