Gold price tops Rs 80,050 per 10 gm levels, silver scales Rs 92,000/kg levels

The dollar fell after Trump's comments called for an immediate drop in interest rates while providing no clarity on tariffs, as investors awaited a round of policy announcements from global central banks

ZeeBiz WebTeam | Jan 24, 2025, 06:42 PM IST

Gold prices in the domestic market taking cues from international price movement traded near Rs 80,000 per 10 gm after easily surpassing this level in intraday trade.

 

1/10

Gold prices on MCX

Gold prices on MCX

On the MCX, the February futures contract traded with gains of 0.44 per cent or Rs 348 at Rs 79,974 per 10gm, while its intra-day high is Rs 80,050.

 

2/10

Gold prices internationally

Gold prices internationally

On the COMEX, February futures traded higher at $2,779.41 per ounce, up 0.52 per cent or $14.41. The gains come even as the Bank of Japan on expected lines increased interest rates by 25 basis points.

 

3/10

Uncertainty regarding trade policies under Trump's reign boosts precious metals

Uncertainty regarding trade policies under Trump's reign boosts precious metals

After declining in the previous session, gains in the precious metals were spurred as uncertainty around US President Donald Trump’s trade policies weakened the dollar, boosting demand for safe-haven assets.

4/10

Dollar index losses brighten gold

Dollar index losses brighten gold

At the last count, dollar index softened by 0.3 per cent to 107.73.  The losses in the dollar were fuelled as US President Trump's comments called for an immediate drop in interest rates 

5/10

Gold's appeal as an inflation hedge at risk

Gold's appeal as an inflation hedge at risk

Rahul Kalantri, VP Commodities, Mehta Equities said, "Gold's appeal as an inflation hedge may be diminished if Trump's inflationary policies cause the Fed to keep interest rates higher for longer.

6/10

Rise in US jobless claims and softness in dollar supports bullion

Rise in US jobless claims and softness in dollar supports bullion

Reported initial claims for state unemployment benefits increased 6,000 to a seasonally adjusted 223,000 for the week ended January 18, said the labour department on Thursday. 

7/10

Support and resistance level for gold

Support and resistance level for gold

Gold has support at $2750-2734, while resistance at $2778-2794 per troy ounce and silver has support at $30.55-30.30, while resistance is at $31.10-31.40 per troy ounce in today’s session.

8/10

Support and resistance level for gold at MCX

Support and resistance level for gold at MCX

At MCX, gold is having support at 79330-79080 and resistance at 79850-80080 while silver is having support at 90450-89700 and resistance at 92000-92650

9/10

Gold prices to be choppy in short term

Gold prices to be choppy in short term

Manoj Jain, Commodity Expert- India Nivesh said, "We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and volatility in the global bond markets and Bank of Japan policy meetings."
 

10/10

Trading strategy in gold

Trading strategy in gold

We suggest buying gold around 79350 with a stop loss of 79100 for the target of 79850, added Jain.

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x