Gold price today: The rates of gold rose in the domestic futures market on Tuesday (6 January) morning on healthy spot demand and increased geopolitical uncertainties. MCX gold February futures were 0.20% up at ₹1,38,392 per 10 grams around 9:10 am. MCX silver March futures were 1.26% up at ₹2,49,252 per kg at that time.
Gold COMEX for February jumped by 0.50% after witnessing mild profit booking.
Increased spot demand amid increased geopolitical tensions and expectations of further rate cuts by the US Federal Reserve are driving gold prices higher after the recent correction.
MCX gold February futures rose to a record high of ₹1,40,465 per 10 grams in December last week, but are now near ₹1,38,500-odd levels on profit booking after a stellar rally in 2025.
Domestic spot gold jumped by ₹56,727, or 75%, per 10 grams, while silver surged by ₹1,43,601, or 167%, per kg in 2025.
The fresh US-Venezuela conflict has raised geopolitical uncertainties even as the end of the Russia-Ukraine war remains elusive.
The US attacked Venezuela over the weekend and captured its leader, Nicolas Maduro. US President Donald Trump said Washington would take control of the country.
Manoj Kumar Jain of Prithvifinmart Commodity Research highlighted that the US capturing Venezuela’s President has increased global uncertainty and also created new geopolitical tensions worldwide.
“The US President also threatened Colombia, Cuba and Mexico for drug shipments to the United States. After capturing Venezuela’s President, the Swiss Bank orders the seizure of assets belonging to Nicolas Maduro. This act could further boost safe-haven buying for precious metals,” said Jain.
Along with geopolitical factors, hopes for a US Fed rate cut are keeping gold prices up.
According to Reuters, “Minneapolis Federal Reserve President Neel Kashkari on Monday said inflation is slowly easing, but there is a risk the jobless rate could rise.”
Investors are discounting two rate cuts by the Fed this year.
Gold and silver: Key levels to watch
According to Jain, gold has support at $4,415 and $4,384, while resistance is at $4,480 and $4,522 per troy ounce. Silver has support at $74.40 and $71.70, while resistance is at $78 and $82.70 per troy ounce in today’s session.
MCX gold has support at ₹1,37,400 and ₹1,36,600, and resistance is at ₹1,38,800 and ₹1,39,500, while silver has support at ₹2,44,000 and ₹2,41,000, and resistance is at ₹2,49,400 and ₹2,55,500, said Jain.
Jain suggests buying gold on dips around ₹1,37,400 and ₹1,36,600 range with a stop loss of ₹1,35,800 for the targets of ₹1,38,800 and ₹1,39,500, and buying silver on dips around ₹2,42,000 and ₹2,38,000 range with a stop loss below ₹2,32,000 for the targets of ₹2,48,000 and ₹2,52,000.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $4,410 and $4,355 while resistance is at $4,525 and $4,560. Silver has support at $76.10 and $75.45, while resistance is at $78.05 and $79.40.
In INR, gold has support at ₹1,37,150 and ₹1,36,310 while resistance is at ₹1,39,350 and ₹1,40,670. Silver has support at ₹2,42,810 and ₹2,40,170, while resistance is at ₹2,49,810 and ₹2,51,470.
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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.