Gold price today: Rates drop on profit booking amid rise in dollar, bond yields; experts highlight key levels to watch

Gold price today: Gold rates dropped in the domestic futures market on Thursday (January 8) morning on profit booking amid a rise in the US dollar and bond yields. MCX gold February futures were 0.25% down at ₹1,37,663 per 10 grams at 9:25 am, while MCX silver March futures were 0.33% down at ₹2,49,779 per kg at that time.

Precious metals are witnessing profit booking as the dollar index trades near a two-week high, and the benchmark 10-year US Treasury yield rebounds from the one-week low hit on Wednesday.

While a stronger dollar makes gold more expensive for overseas buyers, higher bond yields increase the opportunity cost of holding gold, thereby denting demand for the yellow metal.

In the previous session, the February gold futures contract fell by 0.7%, and the March silver futures contract suffered a deeper loss of over 3%.

Anticipations for further US Fed rate cut after the weak jobs data capped losses for the yellow metal. US job openings dropped to a 14-month low in November.

As Reuters reported, the Labor Department's Bureau of Labor Statistics said that job openings dropped by 303,000 to 7.146 million by the end of November, its lowest level since September 2024. October's openings were also revised down to 7.449 million.

The focus now is on the non-farm payrolls data due on Friday for more clues about the US Fed's interest rate trajectory. The markets are discounting two US Fed rate cuts this year.

"Gold is holding slightly higher than in the previous session, driven more by investment demand than jewellery buying. It follows sustained safe-haven interest amid global uncertainty. While fresh upside may be gradual, gold continues to attract support as investors prioritise protection over discretionary purchases," said Aksha Kamboj, Vice President at India Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures.

Gold and silver: Key levels to watch

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,430 and $4,400, while resistance is at $4,484 and $4,522 per troy ounce. Silver has support at $76.35 and $74.00 and resistance at $80 and $82.70 per troy ounce in today’s session.

MCX gold has support at ₹1,37,200 and ₹1,36,000, and resistance is at ₹1,38,800 and ₹1,39,500, while silver has support at ₹2,46,600 and ₹2,42,000, and resistance is at ₹2,54,000 and ₹2,58,800, said Jain.

For traders, Jain suggests placing stop losses below ₹1,36,000 for gold and below ₹2,46,000 for silver on a closing basis in all long positions.

"If both stop losses are protected this week, then we may see a solid upside move in both precious metals next week," said Jain.

Track live silver rates updates here

Jigar Trivedi, Senior Research Analyst at Reliance Securities, said MCX gold February futures may drop to ₹1,37,000 per 10 grams since the prices are declining in the world markets too.

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 $75.10 and $73.45, while resistance is at $80.05 and $82.40.

In INR, gold has support at ₹1,36,550 and ₹1,35,310 while resistance is at ₹1,39,350 and ₹1,40,670. Silver has support at ₹2,46,810 and ₹2,42,170 while resistance is at ₹2,55,810 and ₹2,58,470, said Kalantri.

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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.