Gold price today: Under pressure, falls 1.34% to Rs 1,51,000 per 10 grams

Gold price today

• Gold futures on MCX fell 1.34 percent to Rs 1,51,000 per 10 grams on Feb 5
• Comex gold rose to $4,928/oz, despite a 0.46% daily drop.
• Gold prices rise on geopolitical tensions and dip-buying; resistance at Rs 1,63,000.

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Gold's futures price on MCX was hovering at Rs 1,51,000 on February 5 (9: 45 am IST), which is a 1.34 percent decline from the previous close of Rs 1,53,046 per 10 grams.

Meanwhile, gold prices edged higher on February 5 in the international market during the early morning session, supported by dip-buying interest. Comex gold stood at $4,928 per ounce, though a 0.46 percent decline from its previous close.

Meanwhile, the USD-INR rate stood at 90.39, which is a 0.03 percent gain in a day and 1.51 percent dip in a week. The fall in prices was supportive after US President Trump lowered the tariff for India from 50 percent to 18 percent, a move which is expected to ease trade between the two countries.

"Moving ahead, Rs 1,61,000 to 1,63,000 remains the strong resistance point on MCX, as well as $5,100 on the CME side will be the strong resistance point. On the lower end, support lies at around Rs 1,45,000 to 1,50,000," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

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.

The Augmont Bullion report, published on February 4, noted that gold has recovered nearly 15 percent from recent lows, as "forced liquidations eased and dip buyers stepped in to capitalise on sharply lower prices."

Geopolitical tensions added to safe-haven demand after the US Navy shot down an Iranian drone in the Arabian Sea, even as markets await a fresh round of nuclear talks scheduled for Friday.

After achieving the target of $5,000, gold prices may extend the ongoing rebound towards $5200 (Rs 1,63,000), with strong support at $4,900 (Rs 1,50,000), the report stated.

Gold prices vary by purity. Check the prices of gold based on its purity.

City-wise gold prices in India today

Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.