Gold price today: Gold rates increased in early trade in the domestic futures market on Thursday, January 9, on improved demand from spot markets. However, strengthening the US dollar and rising bond yields capped the gains. MCX Gold of February 5 contracts traded 0.26 per cent up at ₹77,951 per 10 grams around 9:15 AM.
Gold prices were subdued in international markets due to rising US bond yields and a stronger dollar. Investors focus now on Friday’s US jobs data for further cues on the US Federal Reserve’s interest rate trajectory this year.
The US dollar and bond yields rose after reports suggested that President-elect Donald Trump might use emergency measures to allow for a new tariff programme.
On the macro data front, the ADP National Employment Report showed US private payroll growth slowed sharply a month ago to 1,22,000 from 1,46,000 in November 2024, reported Reuters.
Moreover, according to Reuters, the minutes from the US Federal Reserve’s last meeting revealed that policymakers expect inflation to keep slowing down this year. However, they also noted a growing risk that inflation could remain stubbornly high, partly due to concerns about Donald Trump’s policies. As Trump prepares to take office on January 20, his plans for tariffs and protectionist measures are expected to drive up inflation.
Experts highlight key levels for MCX Gold
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,637-2,622, with resistance at $2,668-2,685. Silver has support at $29.80-29.60 and resistance at $30.24-30.42. In INR terms, gold has support at ₹77,520-77,350, with resistance at ₹77,910-78,120. Silver has support at ₹90,210-89,570 and resistance at ₹91,450-91,980.
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week amid volatility in the dollar index.
Jain underscored that gold has support at $2,658-2,645, while resistance at $2,688-2,700 per troy ounce and silver has support at $30.45-30.20, while resistance is at $30.88-31.20 per troy ounce in today’s session.
“MCX Gold has support at ₹77,500-77,240 and resistance at ₹78,000-78,300, while silver has support at ₹90,150-89,500 and resistance at ₹91,650-92,400. We suggest buying gold around ₹77,500 with a stop loss of ₹77,200 for the target of ₹78,050,” said Jain.
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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.
