In anticipation of a 25 basis point rate drop, gold prices rose in early trading ahead of the Reserve Bank of India’s monetary policy statement. April’s MCX Gold increased by 0.30% thanks to encouraging global indicators.
Today’s gold price: Prior to the Reserve Bank of India’s monetary policy announcement, gold prices experienced robust increases in early trade on Friday morning in the domestic futures market. Market players anticipate that India’s central bank would lower interest rates by 25 basis points. At 10:00 AM today (Friday, February 7), RBI Governor Sanjay Malhotra will make the announcement of the Monetary Policy Committee’s (MPC) policy decision.
Gold prices were also bolstered by positive global cues. Around 9:10 AM, MCX Gold for the April 4 expiry was up 0.26 percent at ₹84,661 per 10 grams.
Due to worries about the trade war, global gold prices were trading close to all-time highs and were poised for a sixth consecutive weekly increase, according to Reuters.
The RBI’s inflation-growth outlook is currently the main focus of investors. Additionally, sentiment will be influenced by the US employment report, which is anticipated later today.
This year, the price of gold has increased dramatically. So far in 2025, spot gold prices have increased by 11%. Gold prices have been driven by the weakening of the rupee, indications of an economic slowdown, and concerns about a trade war between the US and its trading partners.
In periods of political and economic unpredictability, gold prices typically rise while currency values decline.
Gold prices could increase even further.
The trade policies of US President Donald Trump may be the main reason for the gold market’s continued growth. According to major international financial institutions like Citi, UBS, and Goldman Sachs, gold prices may rise even higher than $3,000.
Goldman Sachs sees upside risk to its $3,000 bullion target because of increased US policy uncertainty and investor appetite for hedging, according to Reuters.
According to Reuters, Citi has raised its short-term (0–3 months) gold price prediction from $2,800 to $3,000 per ounce.
According to a number of media sources, UBS has increased its 12-month gold projection to $3,000 an ounce.
Important gold and silver levels
Because of worries over the US trade war and in anticipation of the US monthly job reports, Manoj Kumar Jain of Prithvifinmart Commodity Research predicts that gold and silver prices will continue to fluctuate during today’s session.
“Gold has support at $2,858-2,844, while resistance at $2,888-2,904 per troy ounce and silver has support at $32.40-32.10, while resistance is at $32.88-33.20 per troy ounce in today’s session,” Jain stated.
“MCX Gold has support at ₹84,040-83,700 and resistance at ₹84,800-85,100 while silver has support at ₹94,750-94,000 and resistance at ₹96,200-97,000,” Jain stated.
Rahul Kalantri, vice president of commodities at Mehta Equities, stated that the resistance for gold is at $2,887-2,902 and the support is at $2,845-2,824. The resistance for silver is between $32.48 and 32.69, while the support is between $31.98 and 31.78.
In INR, Kalantri finds resistance at ₹84,880-85,240 and support for gold at ₹84,170-83,860. According to Kalantri, silver has resistance at ₹96,350-97,250 and support at ₹95,050-94,350.
