Gold price today: Rates jump on healthy spot demand, dollar’s weakness
Gold price today: Gold rates increased in the domestic futures market on Friday (2 January) morning on healthy spot demand and the dollar’s fall against its peers. MCX gold February futures were 0.69% up at ₹1,36,742 per 10 grams, while MCX silver March futures were 1.74% up at ₹2,39,967 per kg around 9:10 am.
Gold and silver were witnessing healthy spot demands in the domestic as well as international markets. Gold 24 carat in India was up by over ₹1,000 at ₹1,37,120 per 10 grams while silver jumped over ₹4,500 per kg to ₹2,40,530 on Friday morning. Strong spot market trends influenced futures prices on the MCX.
International spot gold rose by a per cent to $4,351.70 per troy ounce, while spot silver jumped 2% to $72.63 per troy ounce.
Dollar weakness and increased expectations of further rate cuts by the US Federal Reserve continue to support the safe-haven demand. The dollar index traded near its two-week low, making gold cheaper for overseas buyers.
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The focus is on the upcoming US macro data that will influence expectations over the US Fed’s policy path. The US Federal Open Market Committee (FOMC) will meet on January 27-28 this month to decide on interest rates.
Gold and silver prices saw massive gains in 2025. According to MCX data, domestic spot gold jumped by ₹56,727, or 75%, per 10 grams in 2025, rising from ₹75,913 per 10 grams on 31 December 2024 to ₹1,32,640 per 10 grams on 31 December 2025. On the other hand, silver clocked an even steeper gain of ₹1,43,601, or 167%, per kg, rising from ₹85,851 on 31 December 2024 to ₹2,29,452 per kg on 31 December 2025.
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Central bank buying, US Fed rate cuts, and strong inflows into exchange-traded funds (ETFs), amid increased geopolitical uncertainties, were the key drivers for gold prices. Silver’s rise was primarily led by strong industrial demand from sectors such as electric vehicles, solar, semiconductors, and data centres, amid tight supply.
“Gold’s rise in 2025 was fueled by sweeping global US tariffs, expectations of lower US borrowing costs, persistent geopolitical uncertainty, sustained central bank buying, and renewed inflows into gold-backed exchange-traded funds,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Trivedi believes MCX gold February futures may stay elevated, and ₹1,37,000 per 10 grams is the resistance for the day. He said MCX silver March prices may appreciate to ₹2,42,000 per kg.
According to brokerage firm Motilal Oswal Financial Services, MCX gold has support at ₹1,36,200, followed by ₹1,35,700, while resistance is at ₹1,37,200 and ₹1,37,800.
MCX silver has support at ₹2,37,000, followed by ₹2,34,000, while resistance is at ₹2,42,000 and ₹2,45,000, Motilal Oswal said.
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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.
