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Gold prices saw an increase in the domestic futures market on Tuesday, January 6, driven by physical demand and the rising geopolitical uncertainties. On the Multi Commodity Exchange (MCX), gold futures for February delivery were at Rs. 1,38,522 per 10 grams, an increase of 0.29%.
The silver market was more active, with March futures rising 1.45% to Rs. 2,51,811 per kg, primarily due to industrial use and speculative buying.
The price of 24K gold climbed Rs. 60 by 10:22 am on Tuesday, with ten grams of the precious metal trading at Rs. 1,38,820.
The price of 22K gold also increased by Rs. 55, with ten grams of the yellow metal selling at Rs. 1,27,250.
The price of ten grams of 24K gold stood at Rs. 1,38,820 in Mumbai and Kolkata, and Rs. 1,39,970 in Chennai.
In Delhi, the price of ten grams of 24K gold stood at Rs. 1,38,820.
International gold prices rebounded sharply after a brief profit booking. Spot gold rose 2.7% to $4,444.52 an ounce, after earlier hitting its highest level since December 29.
The increased upside mirrors the global risk aversion that was raised with fresh geopolitical developments, especially the US and Venezuela's rising tensions and the still unsettled Russia-Ukraine war.
Analysts point out that long-lasting uncertainties in areas related to energy and commodities usually give rise to gold being selected as a hedge against market fluctuations.
The US Federal Reserve is expected to make monetary easing decisions in the near future, which will continue to support gold prices.
The markets anticipate there will be multiple rate cuts this year, which generally benefits gold since it lowers the opportunity cost of holding non-yielding assets.
Spot platinum gained 5.9% to $2,269.55/oz. Palladium rose 3.4% to $1,694.75.
Also Read: Will Gold and Silver Set Fresh Highs in 2026? Outlook and Price Forecasts
On MCX, gold is expected to find support in the Rs. 1,37,400-Rs. 1,36,600 range, while resistance is at Rs. 1,38,800-Rs. 1,39,500.
For silver, support lies near Rs. 2,42,000, with resistance around Rs. 2,50,000-Rs. 2,55,000.
Internationally, gold has support at $4,410 and $4,355, while resistance is at $4,525 and $4,560. Silver has support at $76.10 and $75.45, while resistance is at $78.05 and $79.40.
