Gold price today: Gold rates declined in the domestic futures market on Wednesday (January 7) morning due to profit booking amid the dollar’s rise.
However, healthy spot demand amid geopolitical uncertainties and expectations of US Fed rate cuts capped losses for the yellow metal. MCX gold February futures were 0.17% down at ₹1,38,850 per 10 grams around 9:10 am. MCX silver March futures were, however, up 0.19% at ₹2,59,310 per kg at that time.
Comex gold also slipped on Wednesday as investors booked profits amid a stronger dollar.
The dollar index hovered near its two-week high level, making greenback-backed bullion cheaper for overseas buyers.
While the US-Venezuela conflict has raised geopolitical uncertainty, supporting gold prices, investors are booking some profits in the yellow metal after the steep rise last year. Domestic spot gold jumped by ₹56,727, or 75%, per 10 grams, while silver surged by ₹1,43,601, or 167%, per kg in 2025.
Meanwhile, according to Reuters, the US and Venezuela have reached a deal to export Venezuelan crude worth up to $2 billion to the US.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, emphasised that geopolitical risks continue to be a key support for gold.
“Trump has said Washington could oversee Venezuela’s government. He had threatened further military action if the interim leadership did not cooperate. Moreover, the White House also said Trump has not ruled out possible military action regarding Greenland,” Trivedi highlighted.
Apart from the geopolitical front, investors’ focus remains on upcoming US macro data for cues on the US Fed’s interest rate trajectory. Markets are discounting two rate cuts by the Fed this year.
According to Reuters, Federal Reserve Governor Stephen Miran said on Tuesday that “aggressive interest rate cuts are needed this year to keep the economy moving forward.”
Is it the right time to buy gold?
Experts believe investors can consider buying gold on dips, keeping key support and resistance levels in mind.
“We suggest buying gold on dips around ₹1,38,500 and ₹1,37,700 with a stop loss below ₹1,36,000 for the targets of ₹1,40,000, ₹1,41,400, and ₹1,42,500 and buying silver around ₹2,55,500 and ₹2,51,000 with a stop loss below ₹2,46,000 for the targets of ₹2,62,000, ₹2,68,000, and ₹2,75,000,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
On the MCX, gold has support at ₹1,38,200 and ₹1,37,700 and resistance is at ₹1,39,750 and ₹1,40,400, while silver has support at ₹2,55,500 and ₹2,51,000 and resistance is at ₹2,62,000 and ₹2,68,000, said Jain.
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at ₹1,37,150 and ₹1,36,310, while resistance is at ₹1,40,350 and ₹1,41,870. Silver has support at ₹2,53,810 and ₹2,49,170, while resistance is at ₹2,60,810 and ₹2,64,470.