Gold Price Today: After market opened today, MCX gold April contracts fell by over ₹2,000, or 1.3%, to ₹1,56,001 per 10 grams, while MCX silver March futures slid more than ₹5,500, or over 2%, to ₹2,57,100 per kg, reflecting heavy unwinding of positions at higher price levels amid a firmer US dollar and easing geopolitical tensions.
On COMEX, as the market opened, spot gold declined 0.70% to $5,040 per ounce, while spot silver dropped 1.94% to $80.33 per ounce. Gold has now retreated over 11.27% from its record high of $5,608.25 hit on January 29, while silver has plunged nearly 50% from its all-time peak of $121.64, underscoring the depth of the ongoing pullback across international markets.
GOLD PRICE TODAY: MAJOR NEWS AND EVENTS TO LOOK OUT FOR
Key Events for the Day
Trump says his nominee could drive economic growth as high as 15%
U.S. President Donald Trump said his nominee for Federal Reserve chair, Kevin Warsh, has the potential to lift economic growth to as much as 15% if confirmed. Trump noted that Warsh had been the second choice in his previous search for a Fed leader, adding that appointing Jerome Powell instead was a significant error, a decision he said had been encouraged by former Treasury Secretary Steven Mnuchin.
The comments suggest Trump is counting on Warsh to help boost economic momentum ahead of the midterm elections. At the same time, Warsh’s path to Senate confirmation could be slowed by an ongoing Justice Department investigation and increased scrutiny surrounding a Federal Reserve building renovation project.
Japan Election Results Announced
Analysts expect foreign investors to step up purchases of Japanese equities following the Liberal Democratic Party’s landslide election victory, pointing to stronger growth prospects, continued corporate reforms, and a revived reflation narrative. Net foreign inflows of about ¥10 trillion are projected over the next three months if the Sanae Takaichi-led government rolls out growth-oriented measures alongside moderate fiscal expansion, according to Tomochika Kitaoka.
Market participants say the Takaichi administration’s economic agenda, including targeted investments in priority sectors, could boost corporate earnings expectations and support higher valuations, reinforcing Japan’s appeal as a destination for global equity investors.
Wells Fargo increased their gold target
Wells Fargo Investment Institute said on February 4, 2026, that it now expects gold prices to climb to $6,100–$6,300 per ounce by the end of 2026, sharply upgrading its earlier forecast of $4,500–$4,700. The roughly 35–40% upward revision in a single move places Wells Fargo among the most bullish major banks on gold, alongside JPMorgan.
In a note issued Wednesday, the bank said expectations of lower short-term interest rates and gold’s role as a hedge against potential policy shocks drove the revised outlook. It added that such conditions should continue to underpin central-bank gold purchases, a key pillar supporting the metal’s multi-year rally.
However, Wells Fargo flagged an important risk, noting that central-bank buying slowed in 2025 even as retail demand—particularly through exchange-traded funds—accelerated. The bank cautioned that retail inflows often include speculative investors who can exit positions quickly on news, pointing to the sharp 9% single-session drop on January 30 following reports linked to the Fed chair nomination.
GOLD PRICE TODAY: EXPERT OPINIONS
Manoj Kumar Jain, a senior financial market expert, said:
“On Monday, gold and silver were settled on a positive note in the international markets. Gold April futures contracts were settled at $5,079.40 per troy ounce, up by 2.00%, and silver March futures contracts were settled at $82.234 per troy ounce, up by 6.94%. Domestic markets were also settled on a positive note. Gold April futures contract settled at Rs1,58,066 per 10 grams with a gain of 1.68%, and silver March futures contract settled at Rs2,62,620 per kilogram with a gain of 5.09%
Gold and silver extended their gains in a highly volatile session amid profit-taking in the dollar index, a surge in crude oil prices, and safe-haven buying. The dollar index plunged again amid a partial shutdown in the U.S. and after the Chinese regulator told its financial institutions to rein in their holdings of U.S. treasuries. Victory of Japanese PM Saine Takaichi in the elections also increased the possibility of a rebound in the Japanese Yen and weakness in the U.S. dollar, and supported prices of both precious metals. However, higher margin requirements pushed tradersto cut their net long positionsin gold and silver as per the latest CFTC report and limit gains of precious metals.”
Manoj Kumar Jain View for Today (For Gold and Silver) | 10/02/2026
“We are experiencing very high price volatility in both precious metals, but silver prices could hold their support level of $65 per troy ounce, and gold prices could also hold its support level of $4,680 per troy ounce on a closing basis this week. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, partial shutdown in the U.S., and geopolitical tensions.
Gold has support at $5024-$4970 while resistance is at $5122-$5164 per troy ounce, and silver has support at $78.80-$76.00, while resistance is at $84.40-$88.00 per troy ounce in today’s session. At MCX, gold is having support at ₹156600-₹154800 and resistance at ₹159100-₹160600, while silver is having support at ₹255500-₹248800 and resistance at ₹268000-₹274000.“
Manoj Kumar Jain View for Today (For Rupee) | 10/02/2026
“We expect a rupee to remain volatile this week amid volatility in the dollar index, volatility in the domestic equity markets, and geopolitical tensions, and the pair could trade in the range of ₹89.4000-₹92.0000 this week. As per the daily technical chart, a pair has support at ₹90.4400-₹90.1500 while resistance is placed at ₹91.0200-₹91.3500. A pair is trading below itssupport level of ₹91.0200 and expected to trade in the range of ₹89.4000-₹92.0000 this week.”
Kedia Commodity View
Gold:
Technically, the market is seeing short covering, with open interest declining by 5.53% to 7,790 even as prices rose by Rs 2,615. Immediate support is placed at Rs 156,065, and a break below this level could pull prices down towards Rs 154,065. On the upside, resistance is seen at Rs 159,545; a sustained move above this could pave the way for a rally towards Rs 161,025.
Silver:
Silver is witnessing fresh buying interest, with open interest increasing by 1.21% to 6,301 alongside a sharp price rise of Rs 12,728. Immediate support is located at Rs 254,115, and a break below this level may drag prices towards Rs 245,615. Resistance is placed at Rs 268,545, and a decisive breakout above this level could push prices further up towards Rs 274,475.
GOLD PRICE TODAY: FAQs
1. Why did MCX gold and silver prices fall sharply today?
MCX gold and silver prices declined due to profit-booking at elevated levels, as traders unwound long positions amid a stronger US dollar and easing geopolitical tensions. MCX gold April contracts fell over ₹2,000 to ₹1,56,001 per 10 grams, while MCX silver March futures dropped more than ₹5,500 to ₹2,57,100 per kg.
2. How are global COMEX prices influencing domestic bullion markets?
Weakness in global markets weighed on domestic sentiment. On COMEX, spot gold slipped 0.70% to $5,040 per ounce and spot silver declined 1.94% to $80.33 per ounce. Gold has corrected over 11% from its January record high, while silver has fallen nearly 50% from its all-time peak, reinforcing cautious trade on MCX.
3. What key global events are traders watching today for gold prices?
Markets are tracking multiple global developments, including comments by U.S. President Donald Trump on his Federal Reserve chair nominee Kevin Warsh, expectations of stronger growth following Japan’s election outcome, and broader movements in the US dollar. These events could influence interest rate expectations, currency markets, and safe-haven demand for gold.
4. Why did Wells Fargo raise its gold price target despite recent volatility?
Wells Fargo Investment Institute sharply raised its gold price forecast to $6,100–$6,300 per ounce by end-2026, citing expectations of lower short-term interest rates, gold’s role as a hedge against policy uncertainty, and continued central-bank buying. However, the bank cautioned that rising retail ETF flows can add volatility due to speculative exits.
5. What are the key support and resistance levels for gold and silver today?
According to market expert Manoj Kumar Jain, gold has support at $5,024–$4,970 and resistance at $5,122–$5,164 per ounce on COMEX, while silver has support at $78.80–$76.00 and resistance at $84.40–$88.00. On MCX, gold support lies at ₹1,56,600–₹1,54,800 and resistance at ₹1,59,100–₹1,60,600, while silver support is seen at ₹2,55,500–₹2,48,800 with resistance at ₹2,68,000–₹2,74,000.
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