Today’s gold prices: yellow metal rises 32% in a year to a new high of ₹82,900 on global cues, while silver trades lower
Today’s Gold Prices: According to the All India Sarafa Association, the quality of yellow metals at 99.9 and 99.5% increased by ₹2,320 apiece during the previous seven trading sessions.
Gold Prices Today: Amidst a bullish trend in international markets, the yellow metal increased by ₹170 to reach a new record high of ₹82,900 per 10 grams in the nation’s capital on Thursday, January 23. The All India Sarafa Association reports that on Wednesday, the price of the precious metal closed at ₹82,730 per 10 grams.
What is driving the yellow metal’s price today?
-The previous trading session saw the yellow gold close at ₹82,330 per 10 grams. The price of gold with purity levels of 99.9 and 99.5% increased by ₹2,320 during the last seven trading sessions. However, from Wednesday’s closing of ₹94,000 per kg, silver prices fell ₹500 to ₹93,500 per kg.
-Traders of bullion credited a robust trend in global markets and increased demand from jewelers and retailers for the increase in precious metal prices. The positive trend is being driven by the comments made by Donald Trump, the recently elected US president, regarding tariffs.
-Gold contracts for February delivery increased by ₹19, or 0.02 percent, to ₹79,583 per 10 grams on the Multi Commodity Exchange (MCX) during Thursday’s futures trading. However, from Wednesday’s closing of ₹91,944 per kg, silver futures fell ₹422, or 0.46 percent, to ₹91,522 per kg.
Comex gold futures dropped $13.20 per ounce, or 0.48 percent, to $2,757.70 per ounce in foreign markets. The price of spot gold decreased 0.4% to $2,744.26 an ounce. Wednesday’s price top was more than three months high, and it was $26.72 off the October peak of $2,790.15.
-Silver Comex futures were quoted at $31.10 an ounce, down 1.03% during Asian trading hours. US President Trump declared that his administration was thinking of taxing Canada and Mexico by 25%.
-The Federal Reserve may be forced to stick to its hawkish position and keep interest rates higher for longer in order to limit increasing price pressures, as the US President’s planned policies are generally seen as inflationary. Mexico is the world’s largest producer of silver, and it’s unclear if imports of metal would be subject to the duties.
According to market analysts, the forthcoming US Federal Reserve policy meeting on Wednesday, January 29, 2025, is the focus of commodities market players and may offer more clues on the future direction of bullion prices.
Where will the price of gold go?
Following the successful rises in the days following Trump’s inauguration, market watchers saw that gold had slight profit bookings. Expectations are growing that the US Fed would decrease interest rates in response to recent data, such as disappointing payroll figures and a lower-than-expected CPI.
“Traders may book profits at higher levels, so there will probably be some resistance before the event. Profit booking in gold might occur on the MCX between ₹78,800 and ₹US 79,000, and volatility is anticipated to continue until the US Fed’s policy statement provides more precise signals,” stated Jateen Trivedi, VP Research Analyst-Commodity and Currency at LKP Securities.
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