Gold price today: Gold rates were marginally up in the domestic futures market Tuesday morning, supported by positive global cues and a fall in the US dollar, even though uncertainty surrounding the US Federal Reserve's interest rate path and President-elect Donald Trump's trade policies kept investors cautious. The yellow metal's gain in international markets influenced sentiment back home. MCX Gold for February 5 expiry traded with a nominal gain of 0.08 per cent at ₹78,228 per 10 grams around 9:10 AM.
The US dollar saw some profit booking after a Bloomberg report that Trump’s team was considering gradual hikes in tariffs.
Donald Trump will take office on Monday, January 20. His trade policies will be a key factor influencing the movement in the US dollar, bonds and bullion prices. Moreover, investors are also eagerly waiting for the US consumer price index (CPI) data on Wednesday and the producer price index (PPI) report later in the day for cues about the US Fed's interest rate trajectory.
The US FOMC meeting is scheduled for January 28-29. Meanwhile, several Fed officials will speak this week, sharing their insights on the economy and inflation.
Gold prices tend to gain when the US dollar declines and interest rates are on a downward trajectory.
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests waiting for some market stability before initiating fresh long positions in precious metals.
He expects gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the US inflation data.
"Gold has support at $2,662-2,645, while resistance at $2,694-2,722 per troy ounce and silver has support at $30.00-29.74, while resistance is at $30.60-30.88 per troy ounce in today’s session," said Jain.
"MCX Gold has support at ₹77,950-77,660 and resistance at ₹78,440-78,720 while silver has support at ₹89,800-89,150 and resistance at ₹91,200-92,000," Jain said.
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, gold has resistance at ₹79,000, while immediate support lies at ₹77,750.
"Positive sentiment persists amid ongoing uncertainty in global markets, keeping gold in focus for safe-haven demand," said Trivedi.
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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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