Gold Rates Today: Yellow metal futures edge higher; MCX rates hold steady at Rs 77,960

Gold futures climbed in early trade on January 9, reflecting improved demand in the domestic market despite a stronger US dollar and rising bond yields capping the upside. On the Multi Commodity Exchange (MCX), gold February contracts were trading at Rs 77,960 per 10 grams, a 0.27 per cent uptick. Meanwhile, silver March contracts held at Rs 91,169 per kilogram.

MCX gold outlook: Key levels to watch
According to market analysts, gold futures are expected to trade within a narrow range amid global uncertainties. Rahul Kalantri, VP of Commodities at Mehta Equities, highlighted support levels at Rs 77,500-77,240 and resistance at Rs 78,000-78,300. Investors may consider buying at dips around Rs 77,500 with a stop loss of Rs 77,200 and a potential target of Rs 78,050.

Silver, meanwhile, has support at Rs 90,150-89,500 and resistance at Rs 91,650-92,400. Experts recommend cautious trading due to the metal's volatility.

US economic data holds the key
Market participants await the US non-farm payrolls report on January 10 for clearer indications about the Federal Reserve's interest rate trajectory. A strong jobs report could strengthen the US dollar further, exerting downward pressure on gold prices.

Ajay Kedia, Director at Kedia Commodities, noted, “Gold’s recent momentum is likely to be tested as investors focus on US employment data and Fed policy cues. Until then, prices may consolidate.”

ETFs gain traction after years
Adding to gold's support, physically-backed exchange-traded funds (ETFs) logged their first inflows in four years, as per the World Gold Council (WGC). Rising economic uncertainties and inflation concerns are driving renewed interest in these instruments.

Global gold outlook
Internationally, spot gold was subdued at $2,659.39 per ounce due to rising US bond yields. Analysts at HSBC predicted that while gold’s upward momentum might persist in early 2025, a mix of physical and financial factors could temper gains by year-end.

Investor strategy
For traders, the focus should remain on key support and resistance levels while monitoring global developments. Buying on dips and maintaining a cautious stance is recommended in the current volatile environment.