Gold price little changed amid steady dollar; experts highlight key levels for MCX Gold

Gold price today: Gold rates changed a little in the domestic futures market on Tuesday morning amid a steady dollar and a decline in the US bond yields. MCX Gold for February 5 contracts were flat around 9:115 AM.

The yellow metal declined in the previous session on the firming dollar after data showed the US pending home sales surged in November.

Manoj Kumar Jain of Prithvifinmart Commodity Research pointed out that gold is near its key support level of $2,588 per troy ounce, and if prices fell below these levels, it could show further weakness in the upcoming sessions.

The focus now is on upcoming US macroeconomic data next week that could influence the US Federal Reserve's interest rate trajectory for 2025, as well as President-elect Donald Trump's tariff policies.

Experts' strategy for gold

Jain expects gold and silver prices to remain volatile this week amid volatility in the dollar index and volatility in the global financial markets.

"Gold has support at $2,604-2,588, while resistance at $2,634-2,650 per troy ounce and silver has support at $29.10-28.80, while resistance is at $29.66-29.88 per troy ounce in today’s session," said Jain.

"On the MCX, gold has support at ₹76,040-75,800 and resistance at ₹76,500-76,770, while silver has support at ₹86,800-86,150 and resistance at ₹88,200-89,000. We suggest avoiding gold and silver in today's session ahead of the new-year holidays in the international markets," said Jain.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,588-2,572 while resistance at $2,622-2,634. Silver has support at $28.70-28.55 while resistance is at $29.15-29.34. In INR, gold has support at ₹76,000-75,820, while resistance at ₹76,470-76,650. Silver has support at ₹86,880-86,100 while resistance at ₹88,230-88,700.

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