Gold price today: Gold rates declined in the domestic futures market in the morning session on Thursday, January 23, despite positive global cues. Subdued spot demand and the rupee's volatility seem to have triggered fresh profit booking in the yellow metal. The Indian rupee opened at 86.46 per dollar against its previous close of 86.32. MCX Gold for February 5 expiry traded 0.14 per cent down at ₹79,456 per 10 grams around 9:15 AM.
In the previous session, MCX Gold February futures contract settled at ₹79,564 per 10 grams, gaining 0.43 per cent.
In international markets, the yellow metal was near its record high on Thursday amid uncertainty regarding US President Donald Trump's policy direction.
“US President Donald Trump said his administration was weighing imposing a 10 per cent tariff on goods imported from China on February 1. He also promised duties on European imports, without elaborating further,” reported Reuters.
Apart from Trump's policy, investors are now focused on the US Federal policy meeting next week and India's Union Budget 2025.
Expectations are high that the US Federal Reserve will pause interest rate cuts this time, given recent US macro data showing that the world's largest economy remains on a strong footing.
On the domestic front, the government may announce a hike in customs duty on gold. This could drive gold prices in India.
In the last Budget, the government reduced customs duty on gold to stabilise prices amid persistent inflation and ensure an adequate supply. However, reducing import duty has raised concerns about increased consumption, which could widen the trade deficit. As the world’s second-largest consumer of gold, India relies heavily on imports to meet most of its demand.
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week, given the volatility in the dollar index, Trump’s tariff plan, and Bank of Japan policy meetings.
"Gold has support at $2,755-2,744, while resistance at $2,784-2,796 per troy ounce and silver has support at $31.15-30.88, while resistance is at $31.66-31.88 per troy ounce in today’s session," said Jain.
"MCX Gold has support at ₹79,300-79,080 and resistance at ₹79,800-80,000 while silver has support at ₹91,220-90,700 and resistance at ₹92,600-93,300," Jain said.
Jain suggests buying gold on dips around ₹79,250 with a stop loss of ₹79,000 for the target of ₹79,800.
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,737-2,720 while resistance at $2,767-2,782. Silver has support at $30.45-30.30 while resistance is at $31.10-31.30.
In INR gold has support at ₹79,240-78,980, while resistance at ₹79,780-79,920. Silver has support at ₹91,570-91,000 while resistance at ₹92,880-93,670, said Kalantri.
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