Gold Price Today: Yellow metal rises on MCX despite US Fed’s rate pause; what’s next for investors?

Gold prices edged higher in the domestic futures market on January 30, defying weak global cues and the US Federal Reserve’s decision to hold benchmark interest rates steady at 4.25-4.50 per cent. On the Multi Commodity Exchange (MCX), gold for April expiry was trading 0.16 per cent higher at Rs 81,007 per 10 grams around 9:15 AM.

Gold gains despite Fed’s policy stance

The Federal Open Market Committee (FOMC) kept interest rates unchanged, maintaining its cautious stance after three consecutive rate cuts since September 2024. Typically, higher interest rates dampen the appeal of non-yielding assets like gold. However, domestic gold prices remained firm as investors anticipated future economic uncertainties.

Globally, gold prices remained largely steady post-Fed’s decision. Investors are also monitoring US President Donald Trump’s trade policies, with speculation around potential tariffs on China, Mexico, and Canada. Analysts believe such policies could fuel inflation, potentially forcing the Fed to maintain high interest rates, which may weigh on gold prices in the longer term.

Technical outlook and key levels

Market analysts see crucial support and resistance levels for gold and silver on MCX and in global markets. According to Manoj Kumar Jain of Prithvifinmart Commodity Research, MCX gold has support at Rs 80,600-80,350 and resistance at Rs 81,220-81,500. Silver, on the other hand, has support at Rs 91,100-90,450 and resistance at Rs 92,600-93,300. Jain suggests buying silver for around Rs 91,400 with a stop loss at Rs 90,650 and a target of Rs 93,000.

Rahul Kalantri, VP of Commodities at Mehta Equities, also shared his outlook, stating that gold has international support at $2,742-2,728 per ounce, with resistance at $2,774-2,788. For silver, support stands at $30.55-30.35, while resistance is at $31.00-31.20.

Investor strategy: What should traders do?

Despite global uncertainty, experts suggest a cautious approach. Gold remains a preferred hedge against inflation, but traders should watch geopolitical developments and Fed commentary closely. For short-term gains, analysts advise tracking support and resistance levels and entering trades accordingly. The long-term outlook for gold hinges on inflation trends, Fed policies, and global trade developments.

With ongoing volatility, investors should adopt a disciplined trading approach, keeping stop losses in place to manage risks effectively. Gold’s safe-haven appeal remains intact, but price movements will largely depend on macroeconomic shifts and policy decisions in the coming months.