Gold price today: Gold rates rose during the morning session of trade in the domestic futures market on Tuesday, January 7, amid a decline in the US dollar, driven by expectations of softer tariffs under the incoming Donald Trump administration. MCX Gold for February 5 expiry traded 0.12 per cent up at ₹77,250 per 10 grams around 9:10 AM.
According to Reuters, the US dollar traded near its one-week low level amid growing chatter that President-elect Donald Trump’s tariffs would be less aggressive than promised during election campaigns.
According to a Washington Post report on Monday, Trump’s aides were evaluating tariff strategies targeting specific sectors considered vital to national or economic security, with the measures applied universally to all countries.
However, according to Reuters, Trump denied this report, creating much uncertainty about future US trade policies.
Gold prices slipped in the previous session primarily due to tepid demand from spot markets and gains in US bond yields. On Monday, the 10-year US treasury yield hit its highest level since May 2024.
However, weakness in the domestic equity market and a decline in the dollar index capped the yellow metal’s losses. The MCX Gold of February futures contract closed with a loss of 0.21 per cent at ₹77,158 per 10 grams.
The focus now is on the crucial US jobs report, due on Friday, which will influence expectations about the future trajectory of US interest rates. Traders also await the US job openings data later in the day, as well as the minutes from the Fed’s December policy meeting on Wednesday.
Experts’ strategy for MCX Gold
Manoj Kumar Jain of Prithvifinmart Commodity Research recommends buying gold on dips around ₹76,850 with a stop loss of ₹76,500 for the target of ₹77,500 as he expects gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the US job data.
“Gold has support at $2,634-2,622, while resistance at $2,664-2,680 per troy ounce and silver has support at $30.20-29.88, while resistance is at $30.80-31.10 per troy ounce in today’s session. On the MCX, gold has support at ₹76,900-76,650 and resistance at ₹77,500-77,770, while silver has support at ₹89,650-88,800 and resistance at ₹91,200-92,000,” said Jain.
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,622-2,607 while resistance at $2,658-2,672. Silver has support at $29.80-29.60 while resistance is at $30.24-30.42. In the domestic market, gold has support at ₹76,910-76,750 while resistance is at ₹77,370-77,550. Silver has support at ₹89,810-89,070 while resistance at ₹90,810-91,480.
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.
