Gold Rates Shine Again on MCX as Spot Demand Rises and Geopolitical Uncertainty Fuels Safe Haven Buying

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Gold rates moved higher on the MCX during early trade as demand improved and global risks increased. Buying interest returned as investors looked for safety amid rising uncertainty across world markets. Gold prices found support from both domestic and global factors.

MCX gold February futures traded near Rs. 1,38,392 per 10 grams during the morning session. The price gained around 0.20%. Silver prices showed a sharper rise. MCX silver March futures jumped over 1% to Rs. 2,49,252 per kg. The rise showed strong interest in precious metals.

Global Market Support Boosts Prices

Global markets also helped prices. COMEX gold February futures rose about 0.50% after light profit booking earlier. Traders stepped back into the market after prices cooled from recent highs. Gold prices continued to attract buyers due to ongoing global risks.

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Geopolitical uncertainty remained the main reason behind the rise. Fresh tension between the United States and Venezuela pushed investors toward safe assets. The capture of Venezuela’s President added to market nervousness. The long Russia-Ukraine war also kept uncertainty high, increasing demand for gold as a safe store of value.

Dollar Moves and Rate Cut Hopes in Focus

The US dollar added short-term swings to prices. A stronger dollar made gold volatile at times. Even so, hopes of interest rate cuts in the United States supported gold prices. Federal Reserve officials hinted that inflation may slow further. Markets now expect two rate cuts this year. Lower rates usually support gold since it carries no interest.

Domestic demand also stayed healthy. Spot demand improved after prices slipped from record levels. MCX gold touched a lifetime high of around Rs. 1,40,465 per 10 grams in December. Profit booking followed after the strong rally seen in 2025. Despite this, gold prices remained firm. During 2025, domestic spot gold rose sharply, while silver posted even bigger gains.

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Key Support and Resistance Levels to Watch

Experts shared key levels to watch. Commodity analyst Manoj Kumar Jain said MCX gold had support near Rs. 1,37,400 and Rs. 1,36,600. Resistance stood near Rs. 1,38,800 and Rs. 1,39,500. A move above resistance could push prices higher. Silver showed support near Rs. 2,44,000 per kg, while resistance stayed close to Rs. 2,50,000.

Rahul Kalantri of Mehta Equities said global gold prices stayed above key support levels. He said ongoing geopolitical uncertainty and rate cut hopes could keep gold prices steady in the near term.

Overall, gold rates remained supported by strong spot demand and global uncertainty. Safe-haven buying stayed active as investors tracked global events closely. While prices may remain volatile, gold prices could stay firm as long as risks continue.

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