Gold price today: Gold rates rose in the domestic futures market Friday morning amid healthy demand from spot markets, a softer US dollar and easing bond yields. MCX Gold for February 5 expiry traded 0.20 per cent higher at ₹77,870 per 10 grams around 9:20 AM.
In international markets, the yellow metal looked set to clock a weekly gain, with investors focused on US President-elect Donald Trump’s policy changes, which could shape the economic and interest rate outlook.
Experts pointed out that gold and silver started the new year 2025 on a strong note, with the yellow metal crossing the $2,660 mark and silver surpassing $29.40 on Thursday, January 2.
Gold prices have gained on safe-haven demand amid ongoing geopolitical tensions.
Moreover, there are expectations of major policy shifts under the new regime of President Donald Trump, such as higher tariffs and tax cuts. His policies may increase inflationary pressures, enhancing gold’s appeal as a hedge.
“In 2024, gold and silver delivered outstanding performance, with prices surging over 25 per cent. Gold reached a record high of $2,800 ( ₹80,000) on October 31, while silver touched $35 ( ₹100,000) on October 23, driven by their role as safe-haven assets amid geopolitical and economic uncertainties,” Renisha Chainani, Head of Research at Augmont, observed.
Experts highlight key levels for MCX Gold
According to Rahul Kalantri, VP of commodities at Mehta Equities, investors are now looking ahead to Friday’s release of the ISM manufacturing data, which is expected to provide further direction for the currency.
“Gold has support at $2,640-$2,622 and resistance at $2,671-$2,685, while silver has support at $29.30-$29.12 and resistance at $29.78-$29.95. In INR, gold has support at ₹77,510- ₹77,380, with resistance at ₹77,970- ₹78,110. Silver has support at ₹88,410- ₹87,970 and resistance at ₹89,710- ₹90,280,” said Kalantri.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, pointed out that a combination of international strength and currency dynamics has reinforced bullish sentiment for gold.
“Currently, the trading range for gold is seen between ₹76,500 and ₹77,650,” said Trivedi.
Read all market-related news here
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.
