Gold price today: Rates near record high on Trump policy uncertainty; experts highlight key levels of MCX Gold
Gold prices reached near an all-time high on January 24, 2023, amid market concerns over US policy uncertainties.
Gold price today: Gold rates surged to hover near an all-time high during Friday morning’s trade, driven by market concerns over policy uncertainties under US President Donald Trump. MCX Gold for February 5 expiry jumped to ₹79,998 per 10 grams in intraday trade on Friday, January 24. Around 9:15 AM, the yellow metal was 0.34 per cent up at ₹79,894 per 10 grams on the MCX.
Healthy spot demand, the rupee's weakness and positive global cues are also supporting gold prices.
According to Reuters, international gold prices soared to near three-month highs on Friday and were on track for a fourth straight weekly gain.
The yellow metal rose ₹170 to hit a fresh record high of ₹82,900 per 10 grams in the national capital on Thursday, January 23, amid a positive trend in global markets.
Experts believe gold prices may trade higher due to uncertainty about US President Donald Trump's trade plans and safe-haven buying ahead of the policy announcements from major global central banks.
Traders and investors are now in the eye of the Fed meeting, which is scheduled for January 28-29.
Experts' strategy for MCX Gold
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold around ₹79,350 with a stop loss of ₹79,100 for the target of ₹79,850.
He said gold has support at $2,750-2,734, while resistance at $2,778-2,794 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.
MCX Gold has support at ₹79,330-79,080 and resistance at ₹79,850-80,080 while silver has support at ₹90,450-89,700 and resistance at ₹92,000-92,650, said Jain.
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,742-2,724 while resistance at $2,780-2,794. Silver has support at $30.45-30.30 while resistance is at $31.10-31.30.
In INR, gold has support at ₹79,470-79,280, while resistance at ₹79,820-79,980. Silver has support at ₹90,570-90,050 while resistance at ₹91,880-92,670, said Kalantri.
Kalantri believes gold may reach the levels of ₹83,000-84,000 within a month if it sustains above ₹80,500.
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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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