Gold price today: Gold rates climbed in the domestic futures market on Tuesday morning as fresh geopolitical developments underpinned the yellow metal. However, the rising dollar capped the gains of the yellow metal. MCX Gold for February 5 expiry traded 0.14 per cent up at ₹76,792 per 10 grams around 9:20 am.

According to Reuters, Israel and Hezbollah exchanged strikes, accusing each other of violating a ceasefire agreement. On Monday, the Israeli military targeted several Hezbollah positions in Lebanon.

Reuters reported that the “fresh Israeli strikes came shortly after Hezbollah accused Israel of violating a ceasefire agreement and fired missiles on an Israeli military position in the disputed Shebaa Farms area.”

Gold prices tend to gain during geopolitical uncertainties.

On the other hand, the dollar’s rise against its global peers weighed on gold prices. Gold is priced in the US dollar globally, so when the US currency gains, it makes gold expensive in other currencies, denting its demand.

Investors are now focusing on the key US data to gauge the US Fed’s interest rate path.

The job openings data is due later in the day, while the ADP employment report will be out on Wednesday, and the payroll report will be released on Friday.

The market expects a 25 bps rate cut by the US Fed in its December 17-18 meeting.

Gold prices have exhibited weakness in the last few days due to profit-taking amid a stronger dollar and comments by US President-elect Donald Trump regarding the potential imposition of higher tariffs on BRICS nations.

Experts unveil strategy for MCX Gold

Rahul Kalantri, VP of commodities at Mehta Equities, believes that gold and silver prices may remain volatile this week, influenced by fluctuations in the dollar index, the US Federal Reserve Chairman’s speech, and the upcoming US monthly job reports.

“Gold is expected to find support between $2,622 and $2,610, with resistance at $2,650 to $2,664. Silver is likely to have support at $30.27 to $30.10, while resistance is projected between $30.70 and $30.85. In INR terms, gold has support at ₹75,740 to ₹75,580, with resistance at ₹76,170 to ₹76,440. Silver is expected to find support at ₹88,150 to ₹87,550, with resistance at ₹89,450 to ₹90,080,” said Kalantri.

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $2,654-2,638, while resistance at $2,674-2,688 per troy ounce and silver has support at $30.60-30.35, while resistance is at $31.10-31.40 per troy ounce in today’s session.

On the MCX, gold has support at ₹76,440-76,200 and resistance at ₹76,950-77,220, while silver has support at ₹90,250-89,600 and resistance at ₹91,500-92,200, Jain said.

Jain suggests buying gold on dips around ₹76,500 with a stop loss of ₹76,240 for the target of ₹77,000 and also suggests buying silver on dips around ₹90,250 with a stop loss of ₹89,600 for the target of ₹91,500.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.