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Gold price today: Yellow metal rallies over 1% on geopolitical concerns

'Buy on dips' strategy still works in Gold till the time prices are trading above $1532 per Troy ounce in the international market, and 39,330 in the domestic market.

January 03, 2020 / 05:29 PM IST

India Gold February futures rallied over 1 percent on January 3 as tensions flare in the Middle East. Spot gold hit its highest since September 5 at $1,540.48.

Gold prices climbed to a four-month high on Friday as tensions mounted in the Middle East after a senior Iranian military official was killed in a US airstrike, while a weaker dollar also provided some support to the metal, said a Reuters report.

For the week, spot gold has gained 1.9%, heading for a fourth consecutive weekly increase. Gold is considered to be a safe investment at the time of political and economic uncertainties.

Supporting the metal further, the dollar index was down for the second consecutive week against a basket of rivals, making gold cheaper for holders of other currencies, added the Reuters report.

On the MCX, Gold contracts for February were trading higher by Rs 438, or 0.12 percent, at Rs 39,715 per 10 gram at 0910 hours.


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Spot Gold in international market test $1530 per troy ounce and silver prices test $18 per troy ounce. On the domestic front, experts are of the view that if Gold prices hold above 39400 levels, the rally could extend beyond 39700 levels.

Track live Gold price here

Gold prices shot after U.S. airstrike on Baghdad and killed Iranian officials. Gold prices test $1540 in the international market and MCX tested 39700 during the opening session.

"Gold prices are expected to remain firm on the possible escalation in geopolitical tensions in the Middle East. Gold prices sustain above $1545 could extend rally towards $1555-1564 in international market," Manoj Kumar Jain, Director, IndiaNivesh Commodities told Moneycontrol.

"Now $1532 act as major support for gold. At MCX prices sustain above 39700 could extend rally towards 39850-40000 levels. Now, 39500 is likely to act major support for gold," he said.

Kumar further added that 'Buy on dips' strategy still work in Gold till the time prices are trading above $1532 per Troy ounce in the international market, and 39,330 in the domestic market.

Trading strategy:

Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities

MCX Gold February has given a breakout of its four days consolidation phase which suggests further upside up to 39500-39800 levels.

It has given a positive multiple crossovers of 21*50*100 DMA which indicates a positive uptrend. The International Gold has started to trade above $1525 which can take prices up to $1535-$1550 levels.

Intraday strategy: MCX Gold February Buy in the range of 39650-39630 with 39540 as stop loss and target of 39860 levels

Disclaimer: The views and investment tips expressed by investment experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.

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Kshitij Anand is the Editor Markets at Moneycontrol.
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