Gold price today: Gold rates rose significantly in the morning trade on the MCX on Tuesday (30 December) on healthy spot demand. MCX gold February futures were 0.54% up at ₹1,35,668 per 10 grams around 9:20 am. MCX silver March futures were 3.81% up at ₹2,32,970 per kg at that time.
Gold and silver witnessed renewed buying after suffering strong losses in the previous session. Gold February futures fell 3.5% to end at ₹1,34,942 per 10 grams, while MCX silver March futures contracts plunged 6.40% to end at ₹2,24,429 per kilogram on Monday.
Precious metals are witnessing some profit booking following their steep rise this year. However, traders and investors are buying the dips, too, as they anticipate the bull run in gold and silver to continue in 2026.
Domestic spot gold prices have jumped 80% this year so far, while spot silver has soared over 170% in the same period.
Gold has risen on US Fed rate cuts and expectations of further rate cuts next year, as well as on aggressive central bank buying, robust inflows in exchange-traded funds (ETFs), and the dollar’s weakness. Silver’s rally has largely been driven by increased amid tight supply.
The major drivers for gold and silver next year will be geopolitical developments and the US Fed’s monetary policy decisions.
Meanwhile, according to reports, Russian President on Monday informed US President Donald Trump that Russia would reassess its stance in peace talks following what Moscow described as a Ukrainian drone attack on a Russian presidential residence.
If the ongoing efforts to end the Russia-Ukraine war fail to fetch desired outcomes, it will give a fresh impetus to gold prices.
Further rate cuts by the US Fed will also be a big positive for bullion. Currently, experts anticipate two to three rate cuts of 25 basis points each in 2026.
Gold and silver: Key levels to watch
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,310 and $4,270, while resistance is at $4,380 and $4,420 per troy ounce. Silver has support at $68 and $65, while resistance is at $74 and $78 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹1,33,300 and ₹1,31,800 and resistance is at ₹1,36,600 and ₹1,38,000, while silver has support at ₹2,18,800 and ₹2,10,000 and resistance is at ₹2,32,000 and ₹2,40,000.
“We suggest avoiding fresh positions in both precious metals until the market stabilises in the next one or two trading sessions,” said Jain.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $4,305 and $4,245 while resistance is at $4,385 and $4,440. Silver has support at $71.20 and $69.75, while resistance is at $73.35 and $74.20.
In INR, gold has support at ₹1,33,550 and ₹1,31,710, while resistance is at ₹1,36,850 and ₹1,38,670. Silver has support at ₹2,19,150 and ₹2,17,780, while resistance is at ₹2,26,810 and ₹2,28,970.
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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.