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Business News/ Markets / Commodities/  Gold prices today jump to record high in India. Check out latest rates
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Gold prices today jump to record high in India. Check out latest rates

Gold traders will also be keeping an eye on India's Union Budget to be presented on February 1.

Gold rates today hit a new of ₹57,149 per 10 gram in India futures marketPremium
Gold rates today hit a new of 57,149 per 10 gram in India futures market

Gold prices in India hit new highs today tracking steady global rates. On MCX, February futures rose 0.35% to 57,149 per 10 gram, surpassing previous high of 57,125. Silver futures also edged higher to 68,583 per kg. In international markets, bullion was steady at $1,926.65 per ounce. Traders remained cautious ahead of US Federal Reserve's rate decision on February 1. It is widely expected that US central bank will downshift rate hike to 25 basis points (bps) from 50 bps announced in December. 

Gold, being a non-yielding asset, tends to benefit when interest rates are low as it reduces the opportunity cost of holding bullion.

“COMEX gold Feb futures saw another leg of gains in the previous week and were marginally up, notching a fresh 9-month high of $1949.8 per troy ounce. Chinese holiday on account of the Lunar New year limited price volatility. Data from the US revealed that the economic activity in the private sector continued to contract in early January, with S&P Global Manufacturing PMI and Services PMI coming at 46.6 and 46.8, respectively. US GDP and PCE price index released later in the week further aided sentiments for the yellow metal. A slew of central bank meetings are lined up for the week and the FOMC meeting will be in the spotlight," said Ravindra Rao, VP- Head Commodity Research at Kotak Securities Ltd.

Traders will also be keeping an eye on India's Union Budget to be presented, also on February 1. 

“We expect gold and silver to remain volatile this week ahead of the Union Budget and the U.S. Fed meeting outcome. Gold has support at $1917-1905 while resistance is at $1942-1954. Silver has support at $23.52-23.35, while resistance is at $23.98-24.15. In rupee terms, gold has support at 56,750-56,610, while resistance is at 57,140, 57,280. Silver has support at 67,850-67,320, while resistance is at 68,950–69,480," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

The International Monetary Fund or IMF is also scheduled to release its world economic outlook today. 

The European Central Bank (ECB) and the Bank of England (BoE) are also having policy meetings this week. (With Agency Inputs)

 

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Published: 30 Jan 2023, 11:18 AM IST
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