Precious metal prices (January 7, 2025): Gold price up nearly Rs 200/ 10 gm, silver nears Rs 91,000/ kg levels

Precious metal prices (January 7, 2025): Gold prices in Tuesday's session traded higher with the MCX gold February contract up 0.23 per cent or Rs 178 at Rs 77,336 per 10 gm. Silver March futures contract, meanwhile, also was up by 0.32 per cent or Rs 290 at Rs 90,844 per kg.

On the COMEX, at the last count gold February futures were up 0.3 per cent or $8.01 at $2,655.41 per ounce.

In the previous highly volatile session, gold and silver settled on a mixed note amid strength in the U.S. bond yields. Gold February futures internationally settled at $2,647.40 per troy ounce down by 0.27 per cent while silver March futures contract were settled at $30.583 per troy ounce, up by 1.72 per cent. On the MCX, gold February futures contract settled at Rs 77,158 per 10 grams with a loss of 0.21 per cent while silver March futures contract settled at Rs 90,554 per kilogram with a gain of 1.49 per cent. 

The U.S. 10-year bond yields crossed 4.60 per cent levels and capped gains in the precious metals. However, profit-taking in the dollar index due to rebound in the Euro and Pound Sterling supported precious metal prices. Also, gold prices staged a recovery from their lows amid strong buying from global central banks.

As per the WGC report, global central banks added 53 metric tonne of gold in November month into their reserves.

Silver prices and other industrial metal prices recovered amid hopes of stimulus being doled out in China.

Gold and silver support and resistance levels 

Manoj Jain, commodity expert, India Nivesh noted that gold is holding its key support level of $2,588 per troy ounce on a weekly closing basis and silver prices also hold $28.80 per troy ounce levels. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the U.S. job data, he added.

Gold has support at $2634-2622, while resistance at $2664-2680 per troy ounce and silver has support at $30.20-29.88, while resistance is at $30.80-31.10 per troy ounce in today’s session. On the MCX, gold is having support at Rs 76,900-76,650 and resistance at Rs 77,500-77,770 while silver is having support at Rs 89,650-88,800 and resistance at Rs 91,200-92,000.

We suggest buying gold on dips around 76850 with a stop loss of 76500 for the target of 77500, added Jain.