Gold rates today: MCX gold slips ₹1,670 per 10g, silver crashes ₹11,700 per kg on firm US dollar, profit taking

Gold and silver prices gave up some of their recent gains in Wednesday's session, as the continued rally in both precious metals appeared to trigger profit booking. Traders were also holding their positions ahead of key US economic data later this week, while a strengthening US dollar contributed to the sharp pullback.

Gold February futures plunged ₹1,670 per 10 grams to reach the day's low of ₹137,414, marking their first drop in two sessions. Yet, prices are still up 1.71% in early 2026, following a 76.5% surge in 2025.

Silver prices also came under selling pressure, with March silver contracts on MCX falling ₹11,700 per kilogram to the day's low of ₹2,47,100.

Nevertheless, silver remains up by 5% so far in January. In the previous session, silver prices touched a fresh record high of ₹2,59,322.

The US dollar index, which measures the currency against six major peers, is hovering at a two-week high of 98.5, making dollar-priced precious metals more expensive for other currency holders.

Looking at recent geopolitical developments in Latin America, US President Donald Trump said Venezuela will transfer between 30 million and 50 million barrels of sanctioned oil to the United States, to be sold at market prices with the proceeds managed to benefit both countries.

This move on Venezuelan oil followed Trump’s announcement last week that Washington would take control of the country’s vast oil reserves, with American energy companies set to invest billions to revive Venezuela’s struggling oil industry after US military action led to the capture of leader Nicolás Maduro and his wife.

Meanwhile, the White House also warned that it has not ruled out possible military action regarding Greenland, a self‑governing Danish territory that Trump has previously expressed interest in.

In East Asia, tensions have also risen between China and Japan in recent weeks after Beijing imposed export controls on certain high‑tech items with potential military use, raising concerns in Tokyo about the impact on defence‑related supply chains.

ADP report signals soft labour market; investors await nonfarm payrolls

US private payrolls rebounded less than expected in December, Reuters reported, citing ADP's national employment report. Private employment increased by 41,000 jobs last month, following a revised decrease of 29,000 in November.

Economists polled by Reuters had forecast a rise of 47,000 jobs after a previously reported decline of 32,000 in November.

The ADP report continues to point to a gradual cooling in the US labour market, reinforcing expectations that the Federal Reserve will continue with interest-rate cuts this year.

Investors are now awaiting the JOLTS job openings data, due later today, ahead of the closely watched nonfarm payrolls report on Friday.

The market is currently pricing in an 84% probability that the Federal Reserve keeps interest rates steady when it meets later this month, according to CME's FedWatch tool.

Non-yielding assets such as gold tend to perform well in low-interest-rate environments and during periods of geopolitical or economic uncertainty.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.