Gold price today: Gold rates moved higher in the domestic futures market in the morning session on Monday, December 30, amid a fresh escalation of tensions in the Middle East, while the stable dollar and US bond yields also influenced sentiment. MCX Gold for February 5 expiry traded 0.24 per cent higher at ₹76,731 per 10 grams around 9:55 AM.
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According to media reports, Israeli forces killed several Palestinians across Gaza on Sunday in an attack on al-Wafaa Hospital in Gaza City. The nearby Ahli Hospital was also shelled.
Gold prices declined in the previous session after witnessing high price volatility amid a steady dollar index and the US 10-year bond yields.
Bank of Japan’s signal
Experts pointed out that the Bank of Japan’s signal for interest rate hikes and weakening emerging market currencies also weighed on the prices of gold and silver.
The US dollar and bond yields were largely stable Monday morning as investors focused on the US Federal Reserve’s interest rate trajectory and Donald Trump’s tariff policies. Experts say the US Fed’s monetary policy and Trump’s trade policies will be crucial factors for gold prices next year.
“Markets are now preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as President-elect Donald Trump returns to the White House in January,” reported Reuters.
Geopolitical Tensions
Commodity Research underscored that geopolitical tensions and Chinese stimulus hopes early next year are supporting gold and silver prices at lower levels.
Jain pointed out that gold and silver are trading near their make-or-break levels of $2,588 and $29.88 per troy ounce, and if they hold these levels, smart recovery will be possible in the upcoming sessions.
Experts’ strategy for MCX Gold
Experts suggests buying gold on dips around ₹76,220 with a stop loss of ₹75,950 for the target of ₹76,800.
“Gold has support at $2,614-2,600, while resistance at $2,645-2,658 per troy ounce and silver has support at $29.88-29.40, while resistance is at $30.30-30.64 per troy ounce in today’s session. On the MCX, gold has support at ₹76,280-76,040 and resistance at ₹76,800-77,080, while silver has support at ₹88,150-87,500 and resistance at ₹89,500-90,200,” said Jain.
According to SMC commodities at Mehta Equities, gold has support at $2,610-2,591 and resistance at $2,640-2,657. Silver has support at $29.22-29.00, while resistance is at $29.62-29.80. In INR, gold has support at ₹76,320-76,100, while resistance at ₹76,710-76,880. Silver has support at ₹88,250-87,680, while resistance at ₹89,630-90,100.
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