Gold Price Today: Yellow metal prices surge by Rs 500/10 gm this week so far, silver up by Rs 800/kg
Gold February futures contracts at MCX opened flat on Thursday at Rs 77,017/10 gram, which is up by 0.16% or Rs 124 while silver March futures contracts opened higher by 0.85% or Rs 742 at Rs 88,320/kg.
Gold prices increased approximately by Rs 500/10 grams in this week so far while silver prices surged by nearly Rs 800/kg in the same period.
Gold prices remained positive on the first trading day of the year, supported by a flat dollar and an overall bullish trend. In the international markets, spot gold rose 0.39% to $2,634.15 per ounce, as of 0255 GMT. US, while the gold futures edged up 0.2% to $2,646.30. Spot silver rose 1.5% to $29.29 per ounce.
While the US Federal Reserve’s decision to project fewer rate cuts in 2025 has exerted some downward pressure on gold, the broader uncertainty surrounding global trade, especially with Donald Trump set to take office on January 20, 2025, is expected to lend strength to gold on dips.
Bullion surged over 27% in 2024, its largest annual gain since 2010, driven by the Fed’s substantial rate cuts and escalating geopolitical tensions.
The market now awaits a fresh set of catalysts, including a slew of US economic data due next week that could influence the interest rate outlook for 2025, and Trump’s tariff policies.Meanwhile, traders anticipate the Fed to adopt a slow and cautious approach to further rate cuts in 2025, as inflation continues to exceed its 2% target.Today, the US Dollar Index, DXY, was hovering near the 108.33 mark, falling 0.16 or 0.15%.
Ranges for gold and silver by Rahul Kalantri, VP of Commodities at Mehta Equities:
- At MCX, gold has support at Rs 76,680-76,520 and resistance at Rs 77,050-77,210.
- Silver has support at Rs 87,080-86,500 and resistance at Rs 88,230-88,700.
Also read: Gold still has the glow, experts say buy on corrections
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,368/8 grams while pure gold (24 carat) prices stand at Rs 62,264/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,288/8 grams while pure gold (24 carat) prices stand at Rs 61,112/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 57,008/8 grams while pure gold (24 carat) prices stand at Rs 60,792/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,272/8 grams while pure gold (24 carat) prices stand at Rs 60,992/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)