Gold price today: MCX gold rates jumped by 1.5% in early deals on Monday, 5 January, on increased geopolitical tensions after the US captured Venezuelan President Nicolas Maduro over the weekend. MCX gold February futures were 1.5% up at ₹1,37,750 per 10 grams around 9:05 am, while MCX silver March futures were 4.3% up at ₹2,46,380 per kg at that time.
Gold and silver, however, are still below their record highs of ₹1,40,465 per 10 grams and ₹2,54,174 per kg, hit in December 2025.
The US carried out a military strike against Venezuela on Saturday, capturing Venezuelan President Maduro and his wife. This caused a surge in gold and silver prices, as precious metals tend to gain in times of geopolitical uncertainty.
US spot gold jumped by 1.5% to $4,395.35 per ounce, while gold futures for February jumped more than 2% to $4,418.15 per troy ounce.
However, the Venezuelan saga is not the only factor driving gold prices higher. Persisting uncertainty over Russia-Ukraine peace talks, expectations of further rate cuts by the US Fed, and increased demand by retail investors are also continuing to drive the rise in gold and silver prices.
“Geopolitical tensions and safe-haven buying could support prices at lower levels. The Russia-Ukraine peace deal is also delayed after Russia claims a drone attack on the Russian President’s residence, and also supports safe-haven buying for precious metals. Weakness in the rupee is supporting prices in the domestic markets,” Manoj Kumar Jain of Prithvifinmart Commodity Research observed.
A sharp rise in the dollar index could cap the gains in gold, as a stronger dollar makes gold more expensive for overseas buyers. The US dollar index rose to its two-week high levels.
While keeping a close eye on geopolitical developments, investors await key US macro data this week, including ISM Manufacturing data, ADP employment figures, JOLTS job openings, and the non-farm payrolls report, which could offer more clues on the US interest rate trajectory.
Gold and silver: Key levels to watch
Jain highlighted that gold has support at $4,315 and $4,284, while resistance is at $4,380 and $4,410 per troy ounce, and silver has support at $69.40 and $68, while resistance is at $72.70 and $74.40 per troy ounce in today’s session.
Jain said MCX gold has support at ₹1,35,100 and ₹1,34,400, and resistance is at ₹1,36,300 and ₹1,37,000, while silver has support at ₹2,32,400 and ₹2,28,800, and resistance is at ₹2,41,000 and ₹2,45,000.
“We suggest buying silver on dips around ₹2,31,000 and ₹2,28,800 with a stop loss of ₹2,24,000 for the target of ₹2,40,000 and ₹2,44,000,” said Jain.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, MCX gold February futures, in tandem with the global trends, may stay positive, but ₹1,38,000 per 10 grams is the resistance for today.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $4,255 and $4,205 while resistance is at $4,395 and $4,445. Silver has support at $70.20 and $69.45, while resistance is at $73.55 and $74.30.
In INR, Kalantri said gold has support at ₹1,35,550 and ₹1,34,710 while resistance is at ₹1,38,150 and ₹1,39,100. Silver has support at ₹2,33,150 and ₹2,31,780, while resistance is at ₹2,37,810 and ₹2,39,970.
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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.
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