Gold price today: MCX Gold rate jumps ahead of RBI monetary policy; experts highlight key levels to watch

Gold price today: Gold prices saw healthy gains in early deals in the domestic futures market Friday morning, ahead of the Reserve Bank of India’s monetary policy outcome. Market participants expect a 25 bps rate cut by India’s central bank. RBI Governor Sanjay Malhotra will announce the policy decision of the Monetary Policy Committee (MPC) at 10:00 AM. today (Friday, February 7).

Positive global cues also supported gold prices. MCX Gold for April 4 expiry traded 0.26 per cent higher at ₹84,661 per 10 grams around 9:10 AM.

According to Reuters, international gold prices traded near record-high levels, looking set for a sixth successive weekly gain, supported by trade war concerns.

Investors’ focus is now on the inflation-growth forecast of the RBI. Moreover, the US employment report, which is expected later today, will also influence sentiment.

Gold prices have significantly jumped this year. Spot gold prices have surged 11 per cent in 2025 so far. Rupee’s weakness, fears of a trade war between the US and its trade partners, and signs of an economic slowdown have been driving gold prices.

Gold prices tend to gain during times of economic and political uncertainty and fall in currency value.

Gold prices may rise further

The momentum in gold may continue primarily due to US President Donald Trump’s trade policies. Major global financial firms, such as Citi, UBS, and Goldman Sachs, believe that gold prices could go even beyond the $3,000 mark.

Reuters reported that Goldman Sachs sees upside risk to their $3,000 target for bullion due to elevated US policy uncertainty and investor hedging demand.

Reuters reported that Citi has revised its near-term (0-3 months) price target for gold up to $3,000 per ounce from $2,800.

Several media reports suggested UBS has lifted its 12-month gold forecast to $3,000 per ounce.

Key levels for gold, silver

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile in today’s session due to concerns over the US trade war and ahead of the US monthly job reports.

“Gold has support at $2,858-2,844, while resistance at $2,888-2,904 per troy ounce and silver has support at $32.40-32.10, while resistance is at $32.88-33.20 per troy ounce in today’s session,” said Jain.

“MCX Gold has support at ₹84,040-83,700 and resistance at ₹84,800-85,100 while silver has support at ₹94,750-94,000 and resistance at ₹96,200-97,000,” said Jain.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,845-2,824 while resistance at $2,887-2,902. Silver has support at $31.98-31.78 while resistance is at $32.48-32.69.

In INR, Kalantri finds support for gold at ₹84,170-83,860 and resistance at ₹84,880-85,240. Silver has support at ₹95,050-94,350 while resistance at ₹96,350-97,250, said Kalantri.

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