U.S. President Donald Trump said he had secured total and permanent U.S. access to Greenland in a deal with NATO, whose head said allies would have to step up their commitment to Arctic security to ward off threats from Russia and China. But the details of any agreement were unclear and Denmark insisted its sovereignty over the island was not up for discussion.
MCX Gold futures due February 5, 2026, rose as much as Rs 2,885 or 2% to Rs 1,59,226 per 10 grams. Meanwhile, silver futures for March 5, 2026 delivery gained Rs 12,638 or 3.8% to Rs 3,39,927 per kg.
In the international market, Spot gold was up 0.5% at $4,961.57 per ounce, as of 0057 GMT, after scaling a record $4,966.59 earlier in the day. U.S. gold futures for February delivery added 1.1% to $4,964.60 per ounce. Spot silver rose 0.9% to $97.01 an ounce, after hitting a record high of $97.44 earlier.
For Gold, Goldman Sachs raised its end-2026 price target for the yellow metal to $5,400 per ounce, up from an earlier forecast of $4,900, according to Reuters. The upgrade reflects what the brokerage sees as a structural shift in demand, driven by private investors and emerging-market central banks steadily diversifying away from traditional reserve assets.
Gold, seen as a safe store of value during economic and political instability, soared 64% in 2025 and is up 11% so far in 2026.
How should you trade gold?
“Precious metals are witnessing heightened price volatility, though silver prices may continue to hold their support at $84 per troy ounce, while gold prices are also expected to sustain support at $4,555 per troy ounce on a weekly closing basis,” Manoj Kumar Jain of Prithvi Finmart said.
Gold and silver are likely to remain volatile in today’s session, driven by fluctuations in the dollar index, ahead of the Bank of Japan policy meeting and ongoing geopolitical tensions. In today’s trade, gold has support in the range of $4,890–4,834 and faces resistance at $4,955–5,000 per troy ounce, while silver has support at $94.60–92.20 and resistance at $98.40–100.00 per troy ounce.
On the MCX, gold is supported at Rs 1,54,400–1,52,800 and faces resistance at Rs 1,58,500–1,62,000, while silver has support at Rs 3,24,000–3,16,600 and resistance at Rs 3,35,000–3,44,000. We recommend buying gold on every dip as long as it holds the 1,50,000 level on a closing basis, with an upside target of Rs 1,62,000–1,70,000. Similarly, silver is recommended as a buy-on-dips strategy while it holds Rs 3,04,000 on a closing basis, with upside targets of Rs 3,35,000–3,44,000–3,50,000.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,13,272/8 grams while pure gold (24 carat) prices stand at Rs 1,23,560/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,13,152/8 grams while pure gold (24 carat) prices stand at Rs 1,23,440/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,13,592/8 grams while pure gold (24 carat) prices stand at Rs 1,23,920/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,13,152/8 grams while pure gold (24 carat) prices stand at Rs 1,23,440/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
