Gold price today: MCX Gold rate rises on weak US dollar; experts highlight key levels for yellow metal

Gold price today: Gold rates rose in the domestic futures market Thursday morning on a weak US dollar and positive global cues. The dollar index declined about 0.10 per cent, improving sentiment for bullion. Since gold is priced in the US dollar globally, a fall in the greenback makes the yellow metal more affordable for holders of other currencies.

MCX Gold for February 5 expiry traded 0.43 per cent higher at ₹76,601 per 10 grams.

Gold prices gained in international markets, supported by weakness in the US dollar. Investors are focusing closely on geopolitical developments, the path of the US Federal Reserve's interest rate cut, and Donald Trump's policies on trade tariffs. These key factors will determine gold's movement next year.

Domestic gold prices climbed about 0.2 per cent in the previous session due to geopolitical uncertainty. Moreover, weakness in the global equity markets is also supporting safe-haven demand for the precious metal.

According to a Reuters report, “Hamas and Israel exchanged blame on Wednesday for failing to finalize a ceasefire agreement despite reporting progress in recent days.”

Experts highlight key levels for gold and silver

Manoj Kumar Jain of Prithvifinmart Commodity Research pointed out that gold and silver are trading near their make-or-break level of $2,588 per troy and $29.88 per troy ounce, and if these levels are held on a weekly closing basis, then smart recovery could be seen in both precious metals.

Jain further observed that the rupee's weakness is supporting gold and silver prices in the domestic markets. He said the rupee is expected to remain weak in the near term and continue to support precious metals prices.

Jain expects gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions. He suggests buying gold around ₹76,100 with a stop loss of ₹75,800 for the target of ₹76,700 and also suggest buying silver around ₹88,800 with a stop loss of ₹88,150 for the target of ₹90,200.

"Gold has support at $2,618-2,604, while resistance at $2,648-2,664 per troy ounce and silver has support at $29.88-29.55, while resistance is at $30.55-30.84 per troy ounce in today’s session," said Jain.

"On the MCX, gold has support at ₹76,040-75,770 and resistance at ₹76,500-76,800, while silver has support at ₹88,650-88,000 and resistance at ₹90,200-90,850," Jian said.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,610–$2,591, with resistance at $2,644–$2,660. Silver has support at $29.35–$29.20, with resistance at $29.85–$30.10.

In INR terms, Kalantri said gold has support at ₹75,980–75,740, while resistance is at ₹76,470–76,650. Silver has support at ₹88,450–87,880, with resistance at 89,930–90,500.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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