Gold price today: Gold rate declined in the domestic futures market on Tuesday, February 10, morning, on profit booking amid a rise in the US dollar and easing geopolitical risks.
MCX gold April derivatives fell by over ₹2,000, or 1.3%, to ₹1,56,001 per 10 grams. MCX silver March contracts crashed by over ₹5,500, or more than 2%, to ₹2,57,100 per kg.
Gold and silver prices have been volatile over the last few sessions amid profit-taking at higher levels, even as the medium- to long-term prospects for precious metals remain strong.
Volatility in the dollar index, news flows on geopolitical developments, and US macro indicators remain key triggers for gold prices.
The dollar index, which fell to 96.82 in the previous session, rose to 97.01 on Tuesday, making greenback-backed bullion slightly expensive for overseas buyers.
Expectations surrounding the US Federal Reserve’s next move on interest rates are also influencing gold prices.
According to Reuters, White House economic adviser Kevin Hassett said on Monday that the U.S. may add fewer new jobs in the coming months.
He explained that this could happen because the labour force is growing more slowly and productivity is rising. These factors mean the economy may not need to hire as many workers.
Markets are discounting two rate cuts by the US Fed this year.
The focus is now on the nonfarm payrolls report for January, which is due on Wednesday, and inflation data, due on Friday, for more cues on the Fed’s interest rate trajectory.
“Markets are currently pricing in at least two 25-basis-point rate cuts this year, keeping expectations for easier monetary policy broadly supportive for bullion. Attention will mainly be on the nonfarm payrolls report due Wednesday and inflation figures scheduled for Friday,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, noted.
“Geopolitical risks continue to underpin safe-haven demand. Tensions between the US and Iran persist despite signs of diplomatic progress, with Washington warning US-flagged vessels to stay away from Iranian waters,” Trivedi added.
Gold, silver: Key levels to watch
According to Trivedi, MCX Gold April futures are likely to remain range-bound between ₹1,57,000 and ₹1,59,000 per 10 gm.
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold around the ₹1,56,600 and ₹1,55,000 range with a stop loss below ₹1,54,000 for the targets of ₹1,59,100 and ₹1,60,600, and buying silver around the ₹2,56,000 and ₹2,52,000 range with a stop loss below ₹2,47,700 for the targets of ₹2,66,000 and ₹2,72,000.
According to Jain, gold has support at $5,024 and $4,970, while resistance is at $5,122 and $5,164 per troy ounce, and silver has support at $78.80 and $76, while resistance is at $84.40 and $88 per troy ounce in today’s session.
MCX gold has support at ₹1,56,600 and ₹1,54,800, and resistance is at ₹1,59,100 and ₹1,60,600, while silver has support at ₹2,55,500 and ₹2,48,800 and resistance is at ₹2,68,000 and ₹2,74,000, said Jain.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
