Gold prices witnessed sharp intraday swings in the domestic futures market on January 13, as traders booked profits following a strong rally that pushed precious metals to record levels in the previous session.
On MCX, gold February futures slipped 0.12% to Rs. 1,41,863 per 10 grams, while MCX silver March contracts rose 0.20% to Rs. 2,69,507 per kg. The mixed movement highlights a phase of consolidation after an aggressive surge seen on Monday.
The price of 24K gold increased by Rs. 38 by 10:00 am. 10 grams of the precious metal traded at Rs. 1,42,530.
The price of 22K gold also increased by Rs. 35, with ten grams of the yellow metal selling at Rs. 1,30,650.
The price of ten grams of 24K gold stood at Rs. 1,42,530 in Mumbai and Kolkata, and Rs. 1,43,680 in Chennai.
In Delhi, the price of ten grams of 24K gold stood at Rs. 1,42,680.
On January 12, gold futures on MCX reached their highest point ever at Rs. 1,42,500 per 10 grams, while silver reached a new peak at Rs. 2,71,352 per kg.
The day closed with gold finishing up at more than Rs. 1,42,000 and silver experiencing over 6% increase, backed by the inflow of safe-haven demand and speculative buying.
In the global market, gold prices dropped after a very short period of time when they crossed $4,600 per ounce for the first time; this was because profit bookings. Gold in the spot market was lower at $4,577 per ounce, while silver was also down after reaching its new all-time high.
The US dollar index rose to a one-month peak, which resulted in a drop in gold prices. Dollar gains followed political and policy-related developments in the US, increasing short-term volatility across global asset classes.
In the meantime, geopolitical uncertainty remains elevated. Trade disputes and conflicting situations, such as Trump's renewed warnings on tariffs, have maintained the demand for gold as a safe-haven investment.
Experts predict that the Eastern European and Middle Eastern conflicts will eventually be resolved in favor of gold metals' long-term bullish sentiment.
According to Reuters, major global brokerages such as Goldman Sachs and Morgan Stanley expect the US Federal Reserve to deliver two 25-basis-point rate cuts later this year.
Lower interest rates typically reduce the opportunity cost of holding non-yielding assets like gold.
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Internationally, gold has support at $4,580 and $4,555, while resistance is at $4,640 and $4,700 per troy ounce, and silver has support at $81.40 and $78, while resistance is at $88.80 and $92 per troy ounce.
On MCX, gold has support at Rs. 1,40,400 and Rs. 1,39,100 and resistance is at Rs. 1,43,300 and Rs. 1,44,500, while silver has support at Rs. 2,65,500 and Rs. 2,61,000 and resistance is at Rs. 2,74,000 and Rs. 2,80,000.