Gold price today: Rates up, supported by dollar's weakness, geopolitical uncertainties; is it right time to buy gold?

Gold price today: The rates of gold and silver climbed in the domestic futures market on Friday (January 9) morning, supported by healthy spot demand, while the dollar's weakness and prevailing geopolitical uncertainties also boosted precious metals.

MCX gold February futures were 0.20% up at ₹1,38,012 per 10 grams around 9:10 am, while MCX silver March futures were 0.72% up at ₹2,45,072 per kg at that time.

The dollar index, after reaching to 98.99 level, eased on profit booking, making greenback-backed bullion cheaper for overseas buyers. US gold February futures climbed about 0.30%.

Geopolitical uncertainties remain a key support for gold prices. As the US-Venezuela episode remains in focus, US President Donald Trump's recent comments on Greenland have seen sharp reactions from the NATO bloc.

Leaders of the European Union countries, such as France, Germany, Italy, Poland, Spain, and the United Kingdom, united on Tuesday to support the sovereignty of Greenland after Trump and his aides showed interest in taking over the island.

Additionally, Trump warned of a strong response to Iranian violence against protesters, saying the US will come to the rescue of protesters.

Concerns over US tariffs and their impact on global economic growth have also grown stronger, supporting safe-haven demand after Republican Senator Lindsey Graham and US President Donald Trump backed the Russia sanctions bill, which could raise US tariffs to at least 500% on countries that buy Russian oil.

Amidst all the geopolitical noise, investors' focus is also on US macro data, which will offer cues for the US Fed's interest rate path in the near future.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, said that investors are anticipating stronger non-farm payrolls for December, while unemployment is expected to remain steady.

"The latest report could influence monetary policy expectations for this year, with markets currently pricing in two reductions," he said.

Is it the right time to buy god?

Experts say that for the medium to long term, gold prices look poised for healthy gains. However, in the near term, the yellow metal may remain volatile, and investors should wait for some stability before initiating fresh buys.

"We suggest waiting for some stability for initiating fresh positions in the bullion markets as there is no change in the long-term fundamentals," said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Experts say short-term traders should keep key support and resistance levels of gold in mind before making any move.

Jain said gold has support at $4,430 and $4,400, while resistance is at $4,484 and $4,522 per troy ounce, and silver has support at $73.80 and $71.70, while resistance is at $78 and $80 per troy ounce in today’s session.

On the MCX, gold has support at ₹1,37,000 and ₹1,36,200 and resistance at ₹1,38,400 and ₹1,39,100, while silver has support at ₹2,39,500 and ₹2,34,400 and resistance at ₹2,48,000 and ₹2,51,500, said Jain.

Trivedi said MCX gold February futures are likely to find support near ₹1,37,500 per 10 grams for intraday.

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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.