MCX Gold futures expiring on February 5, 2026 rose Rs 3,266 or 2%% to Rs 1,53,831 per 10 gram. Meanwhile, silver delivery for March 5, 2026 rose by Rs 2,098 or 0.6% to Rs 3,25,900 per kg.
In the international market, gold prices climbed to a new record above $4,800 an ounce on Wednesday, supported by strong safe-haven demand and a weaker dollar. The meeting took place amid concerns that US President Donald Trump’s pursuit of Greenland could fuel a trade war with Europe and disrupt the NATO alliance. In contrast, spot silver fell 1% to $93.59 an ounce, retreating from Tuesday’s record high of $95.30.
How should you trade gold?
Safe-haven buying is on the rise after US President Donald Trump imposed tariffs on eight European countries and signaled his ambition to take over Greenland. Panic selling of riskier assets has increased demand for both precious metals. In addition, US 10-year bond yields hit a four-month high due to selling pressure on Japanese bonds, which also supported gold and silver. The weakness of the rupee has further added to the upward momentum of domestic prices.
Manoj Kumar Jain of Prithvi Finmart noted that both the precious metals are witnessing very high price volatility. However, silver prices are expected to maintain a support level of $84 per troy ounce, while gold could remain above $4,440 per troy ounce on a closing basis. He expects gold and silver prices to remain volatile this week, driven by swings in the dollar index, the US president’s speech and ongoing geopolitical tensions.
In the domestic market, Jain said that MCX gold has support at Rs 1,48,800-1,46,600 and resistance at Rs 1,52,500-1,55,000, while MCX silver has support at Rs 3,16,000-3,08,500 and resistance at Rs 3,30,000-3,38,000. He advised traders to strictly avoid short selling in gold and silver and follow a buy-on-dips strategy as long as gold remains above Rs 1,44,000 and silver above Rs 3,03,000. Based on this strategy, he expects gold to move towards Rs 1,55,000 and silver towards Rs 3,38,000.
Gold rates in physical markets
Gold Price Today in Delhi
The standard gold price (22 carat) in Delhi is Rs 1,09,968/8 gram, while the price of pure gold (24 carat) is Rs 1,19,936/8 gram.
Gold Price Today in Mumbai
The standard gold price (22 carat) in Mumbai is Rs 1,09,848/8 gram, while the price of pure gold (24 carat) is Rs 1,19,832/8 gram.
Gold Price Today in Chennai
The standard gold price (22 carat) in Chennai is Rs 1,11,208/8 gram, while the pure gold (24 carat) price is Rs 1,21,320/8 gram.
Gold Price Today in Hyderabad
The standard gold price (22 carat) in Hyderabad is Rs 1,09,848/8 gram while the price of pure gold (24 carat) is Rs 1,19,832/8 gram.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
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