Gold price today: Slips 0.73% to Rs 1,50,269 per 10 grams as market volatility resurfaces

Gold price today

• Gold prices fell 2.38% globally, with spot at $4,773/oz and MCX futures up 1.08%
• US tariff cut for India to 18% may support trade and gold prices
• Short-term gold trend remains weak; focus shifts to US employment data

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Gold prices on Friday edged lower as renewed selling pressure and heightened volatility returned to markets.

The spot price of gold on the international market was trading at $4,773 per ounce on February 6 (02:04 GMT), representing a 2.38 percent loss from the previous close.

The metal's futures price on MCX opened the Friday session at Rs 1,50,269 per 10 grams, and continued to trade flat at Rs 150,967, though a decline of 0.73 percent (9:50 am IST) from the previous close of Rs 1,52,071 per 10 grams.

The Indian Bullion and Jewellers Association pegged the standard price of gold at Rs 1,52,502 at its 6:30 pm rate session, which is a 2.70 percent decline from Rs 1,56,625 in the previous close.

Meanwhile, the USD-INR rate stood at 90.28, which is a 0.03 percent decline in a day and 1.54 percent in a week. The fall in prices was supportive after US President Trump lowered the tariff for India from 50 percent to 18 percent last week, a move which is expected to expand trade between the two countries.

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Why are gold prices down?

“Gold traded weak in the early trade, reflecting the sharp decline in CME prices. The focus now shifts to U.S. non-farm payrolls and unemployment data, which could set the next directional tone," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

He continued that the short-term trend remains slightly weak, with resistance seen near $5,000 on Comex and Rs 1,56,000 on MCX, while support is placed around $4,700–$4,750 and Rs 1,48,000, respectively.

The US Nonfarm Payrolls report will not be released this Friday; however, the ADP private-sector employment data due Wednesday will offer key insights into labour market conditions.

China’s gold ETFs witnessed record daily outflows, with nearly $1 billion withdrawn from major bullion-backed funds after the sharp price correction unsettled investor confidence.

On the geopolitical front, Iran–US talks are scheduled for Friday, while President Trump held wide-ranging discussions with China’s Xi Jinping ahead of a proposed April visit, following Xi’s recent virtual meeting with Russia’s Vladimir Putin.

US ADP data showed private payrolls rose by just 22,000 in January, well below expectations of 48,000.

Fed Governor Lisa Cook signalled resistance to further rate cuts, citing persistent upside inflation risks despite signs of labour-market cooling.

The Augmont Report, published on February 5, noted that gold prices in the short term are likely to remain weak and consolidate within the $4,550–$5,100 range (Rs 1,40,000–Rs 1,60,000). A buy-on-dips and sell-on-rallies approach is advisable. A decisive break below $4,550 could open the door toward the next support near $4,200 (Rs 1,30,000).