Gold prices surged to new record highs in the domestic futures market on Tuesday, January 27, as investors continued to flock toward safe-haven assets amid rising geopolitical tensions, a weaker US dollar, and expectations of monetary easing by the US Federal Reserve.
On the Multi Commodity Exchange (MCX), gold February futures jumped over 2.4% to Rs. 1,59,820 per 10 grams during early trade. Silver March futures surged over 6%, to a fresh lifetime high of Rs. 3,54,780 per kg.
The price of 24K gold climbed by Rs. 10 in early trade on Tuesday, with ten grams of the precious metal trading at Rs. 1,61,960.
The price of 22K gold also increased by Rs. 10, with ten grams of the yellow metal selling at Rs. 1,48,460.
The price of ten grams of 24K gold stood at Rs. 1,61,960 in Mumbai and Kolkata, and Rs. 1,63,920 in Chennai.
In Delhi, the price of ten grams of 24K gold stood at Rs. 1,62,110.
The international bullion market remained near its all-time highs amid ongoing geopolitical uncertainty and a softer US dollar.
Spot gold traded above $5,060 per ounce, after touching a historic high above $5,110 in the previous session. US gold futures hovered near $5,065 per ounce.
Silver prices maintained their high levels as spot silver reached above $110 per ounce, continuing its strong upward trend.
The rising geopolitical risks, together with renewed trade conflicts, have increased the precious metals prices. The US government's recent tariff warnings towards South Korea and Canada, which are important trade partners, have created market instability.
The US dollar index experienced a decline, resulting in lower prices for gold and silver for foreign currency holders.
Market participants are also watching the upcoming US Federal Reserve policy meeting, which will take place on January 27-28.
While interest rates are expected to remain unchanged, investors are increasingly expecting multiple rate cuts later this year, which typically supports non-yielding assets such as gold.
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Internationally, gold has support at $5,000 and $4,915, while resistance is at $5,120 and $5,200. Silver has support at $107.10 and $104.75, while resistance is at $113.15 and $115.
On MCX, gold has support at Rs. 1,57,050 and Rs. 1,55,310, while resistance is at Rs. 1,59,850 and Rs. 1,62,950.
Silver has support at Rs. 3,38,810 and Rs. 3,22,170, while resistance is at Rs. 3,55,810 and Rs. 3,62,470.