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 0.15 per cent up at ₹77,305 per 10 grams around 03:41 PM.
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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.
US trade policies
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.
Dollar Index
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
Buying gold on dips around ₹76,850 with a stop loss of ₹76,100 for the target of ₹77,500——₹78,500 as he expects gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the data.
“Gold has support at $2,645-2,618, while resistance at $2,680-2,700 per troy ounce and silver has support at $30.50-29.40, while resistance is at $31.20-32.00 per troy ounce in today’s session. On the MCX, gold has support at ₹75,900-75,700 and resistance at ₹78,000-78,300, while silver has support at ₹89,100-88,500 and resistance at ₹91,500-92,050,”.
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