Gold Price Outlook- 6th Jan: MCX Gold Eyes All-Time Highs; Are Markets Ignoring Venezuela Tensions?

Tuesday, January 6, saw a modest rise in gold and silver prices in India as investors consider heightened geopolitical concerns in the wake of the US capture of Venezuelan leader Nicolás Maduro. As geopolitical tensions followed the US ousting of Venezuela's president, heightened appetite for safe havens, gold prices on the global market surged more than 2% to $4,430 per ounce on Monday. Meanwhile, investors anticipated important US economic data for hints on the direction of interest rates.

Gold Rates In India Today

Today, the price of gold in India jumped to Rs 10,412 per gram for 18 carat gold, Rs 12,725 per gram for 22 carat gold, and Rs 13,882 per gramme for 24 carat gold. 24k of 100 grams of gold will cost Rs 13,88,200 in India today, up from Rs 13,82,200 on Monday, indicating an overnight rise in price of Rs 6,000. Gold prices in India reached Rs 1,38,820 for 24k of 10 grams on Tuesday, compared to Rs 1,38,220 yesterday.

While 22k of 100 gms of gold would cost Rs 12,72,500 on Tuesday, which was Rs 12,67,000 on Monday, indicating a price spike of Rs 5,500 overnight, the price of gold in India hit Rs 1,27,250 for 22k of 10 grams today, which was Rs 1,26,700 yesterday.

Gold price in India today reached Rs 1,04,120 for 18k of 10 grams which was Rs 1,03,670 yestersday, hence 18k of 100 grams of gold rates in India reached Rs 10,41,200 which was Rs 10,36,700 yesterday representing a price surge of Rs 4,500 overnight.

MCX Gold Outlook Today

"On the technical front, MCX Gold has seen a pickup in momentum in yesterday's session after a brief pullback that took prices toward the 10 and 20 DEMA support lines. The broader trend and momentum continue to remain positive, with immediate momentum showing renewed strength. We expect prices to test their all-time high levels in the coming trading sessions. Immediate support is placed at 136,300, while resistance is seen at 140,440. Traders can buy MCX Gold for a target of 140,440 with a stop loss at 136,000," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Feb is expected to rise towards ₹139,000 level as long as it stays above ₹137,000 level," recommended the research analysts of ICICI Securities.

Spot Gold Outlook Today

"Spot Gold is likely to trade with the positive bias and rise towards $4500 level on weakness in dollar and softening of US treasury yields across curve. Further, prices may rally as weaker set of economic data from US has raised concerns over economic slowdown, bolstering hopes for more than 1 rate cut in 2026. Additionally, demand for safe haven may increase on escalating geopolitical tension in Eastern Europe, Middle East and Venezuela," said the research analysts of ICICI Securities.

"Furthermore, US President Donald Trump has warned of another strike if Caracas resist US efforts to open up its oil industry and stop drug trafficking and signaled possible action against Colombia and Mexico. Moreover, prices may rally on strong central bank demand for gold and ongoing concern over Fed independence," they further added.

Gold & Silver Fundamental Outlook Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day; as gold and silver prices are steady, as traders looked beyond tensions in Venezuela toward a busy line-up of economic data in the US," commented the research analysts of Nirmal Bang Securities.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred to as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.