Gold price today: Rates drop on MCX on profit booking amid dollar's rise; experts highlight key levels to watch

Gold price today: MCX gold rates slipped in the morning trade on Thursday, 1 January, on profit booking amid a rise in the US dollar. However, increased expectations of further rate cuts by the US Fed this year limited the losses for the yellow metal.

Silver, on the other hand, traded with gains on increased spot demand. MCX gold February futures were 0.13% down at ₹1,35,267 per 10 grams around 10 am. MCX silver March contracts were 0.06% up at ₹2,35,842 per kg at that time.

The US dollar rose to a more than one-week high, weighing on gold's demand.

Gold and silver prices clocked stellar gains last year. 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.

International gold prices witnessed their largest annual gain since 1979, rising 66% in 2025.

US Federal Reserve rate cuts and expectations of further rate reductions, central bank buying, and strong inflows into exchange-traded funds (ETFs), amid increased geopolitical uncertainties, drove gold and silver prices to unprecedented highs last year. Silver had additional drivers in terms of strong industrial demand from sectors such as electric vehicles, solar, semiconductors, and data centres, amid tight supply.

“Gold has displayed exceptional resilience throughout the year, recording declines of more than 3% on only two occasions-12th May and 29th December 2025. Since October 2023, prices have risen for nine consecutive quarters, and in 2025 alone, 11 out of 12 months closed in positive territory, underscoring the depth and durability of the uptrend,” Sugandha Sachdeva, Founder of SS WealthStreet, observed.

Gold and silver: Key levels to watch

Sachdeva expects gold to find strong near-term support around ₹1.29 lakh per 10 grams, with major medium-term support placed near ₹1.21 lakh per 10 grams.

Looking ahead into 2026, gold prices are seen heading towards the ₹1.85 lakh– ₹2 lakh per 10 grams zone, supported by a confluence of powerful macro tailwinds, said Sachdeva.

For Thursday, 1 January, according to brokerage firm Motilal Oswal Financial Services, MCX gold has support at ₹1,34,900, followed by ₹1,34,300, while resistance is at ₹1,36,100 and ₹1,36,600.

MCX silver has support at ₹2,35,000 and ₹2,33,100, while resistance is at ₹2,38,500 and ₹2,41,500, Motilal Oswal said.

Read all market-related news here

Read more stories by Nishant Kumar

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.