Gold prices surged on January 28 with fresh record highs in the domestic futures market. Experts believe that global uncertainty, a weaker US dollar, and strong investment demand have lifted bullion prices.
On the Multi Commodity Exchange gold’s February futures jumped nearly 3% to cross the Rs. 1.62 lakh per 10 grams mark for the first time in early trade. Silver’s March futures rose around 6% to hit a record Rs. 3,77,655 per kg.
The price of 24K gold climbed by Rs. 322 in early trade on Tuesday with ten grams of the precious metal trading at Rs. 1,65,170.
The price of 22K gold also increased by Rs. 295 with ten grams of the yellow metal selling at Rs. 1,51,400.
The price of ten grams of 24K gold stood at Rs. 1,65,170 in Mumbai and Kolkata and Rs. 1,67,340 in Chennai.
In Delhi, the price of ten grams of 24K gold stood at Rs. 1,65,300.
Multiple factors are supporting the gold market rally. The US dollar index slipped around 0.3% to reach its lowest point in four years. This has led to cheaper gold prices for international buyers.
Rising geopolitical conflicts and growing uncertainty about US trade regulations with the new tariff threats have also boosted the safe-haven demand.
The latest US data show a major decline in consumer confidence strengthening predictions that the economy will experience further downturns.
The markets currently predict that the Fed will maintain its interest rates during January. Traders also expect two interest rate cuts later this year which typically supports non-yielding assets like gold.
In international markets spot gold eased slightly after hitting record highs earlier in the week. Spot gold traded near $5,160 per ounce, after briefly touching levels just below $5,200.
Silver, despite a minor pullback, has already gained over 50% year-to-date and it shows strong momentum across precious metals.
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Internationally, gold has support at $5,084 and $5,055 while resistance is at $5,174 and $5,220 per troy ounce. Silver has support at $102.40 and $98, while resistance is at $112 and 118 per troy ounce.
On the MCX, gold has support at Rs. 1,56,600 and Rs. 1,55,000 and resistance is at Rs. 1,59,800 and Rs. 1,62,000, while silver has support at Rs. 3,50,000 and Rs. 3,44,000 and resistance is at Rs. 3,65,000 and Rs. 3,78,000, said Jain.