New Delhi, April 25 -- Gold prices on the Multi Commodity Exchange of India (MCX) rebounded sharply on Thursday, gaining over 1% in line with a global rally in bullion prices. The uptick followed a wave of bargain hunting after a steep decline in the previous session. With MCX gold rate hovering near record highs, analysts caution that a potential reversal may be imminent, as several technical indicators point toward a possible near-term correction.

On April 24, MCX gold prices surged past the Rs.96,000 mark after having dipped below Rs.95,000 in the previous session. MCX gold ended at Rs.95,962 per 10 grams, up Rs.1,240 or 1.31%. In contrast, MCX silver price eased 0.04% to Rs.97,475 per kilogram.

In the international market, gold pric...