Gold Prices In India Outlook On January 25; How Will 24K, 22K, 18K Gold Prices React On Friday?

Gold Prices In India Outlook On January 25; How Will 24K, 22K, 18K Gold Prices React On Friday?

Gold prices in India neared its record highs and touched the best price level of January month, amidst global trends in precious metals especially after Donald Trump’s tariff threats to its neighbours. Additionally, gold prices found support from ECB policymakers who have signalled further rate cuts in the coming policy. MCX gold prices are likely to find support around Rs 79,000 per 10 grams, however, chances of continued volatility are also not ruled out.

MCX Gold, Silver Prices:

MCX gold price, with February 2025 expiry, closed at Rs 79,601 per 10 grams, marginally down as investors booked profit after the day’s high of Rs 79,665 per 10 grams on January 23.

Further, MCX silver price, with March 2025 expiry, closed at Rs 91,057 per 1 kg, down by Rs 92 or 0.1% Silver touched an intraday high of Rs 91,688 per 1kg in the trading session of Thursday.

Gold Prices In India:

24K gold price stood at Rs 82,080 per 10 grams, while 22K gold price and 18K gold price were at Rs 75,240 and Rs 61,560 per 10 grams. The price of gold in India is currently at Rs 7,524 per gram for 22-karat gold and Rs 8,208 per gram for 24-karat gold (also called 999 gold). The cheapest 18K gold price was at Rs 6,156 per 1 gram.

Silver Prices In India:

The price of silver in India is currently at Rs 96.40 per gram and at Rs 96,400 per kilogram.

Spot Gold Price:

As per Trading Economics, gold eased slightly to around $2,750 per ounce on Thursday, halting a three-day gain as the US dollar stabilized. Nevertheless, it remains near its highest level since early November and relatively close to its record peak of $2,790, supported by safe-haven demand amid uncertainty over President Donald Trump’s tariff plans and fears of potential trade wars. Adding to gold’s support, ECB policymakers backed further rate cuts on Wednesday, signalling that next week’s reduction is nearly certain, which would favour non-yielding gold.

Meanwhile, the Federal Reserve is expected to keep its benchmark interest rate unchanged at its upcoming meeting, with a hawkish outlook as Trump’s policies are viewed as inflationary, potentially prompting the Fed to keep rates elevated. Elsewhere, the ceasefire agreement between Israel and Hamas was disregarded as Israel launched a drone attack in southern Lebanon’s Hasbaya area, further lifting gold’s safety appeal, as per the data.

What Will Impact 24K, 22K, and 18K Gold Prices On Friday, January 24?

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Gold experienced minor profit booking following the positive rallies witnessed in the past few days after Trump’s oath. Market participants are now focusing on the upcoming U.S. Federal Reserve policy meeting scheduled for January 29, 2025. With recent data, including a lower-than-expected CPI and softer payroll numbers, expectations are building for the Fed to adopt a rate-lowering stance. However, ahead of the event, some resistance is likely as traders may book profits at higher levels. In MCX, gold could see profit booking towards the ₹78,800-₹79,000 zones, with volatility expected to persist until clearer cues emerge from the Fed’s policy announcement.”

Further, Dr. Renisha Chainani, Head of Research at Augmont said, gold is on the verge of hitting record highs and could do so within the next day or two. The remarks made by newly elected US President Donald Trump on tariffs are driving the bullish momentum.

Chainani added, “On February 1, U.S. President Donald Trump announced that his government was considering levying a 10% tax on Chinese imports. He also promised levies on imports from Europe, though he did not elaborate on this. Canada and Mexico might face levies of roughly 25% by February 1st, he had previously said.”

Following Trump’s remarks regarding tariffs for China, Mexico, and Canada, silver futures experienced a small uptick. Trump’s proposed policies are widely viewed as inflationary, which could force the Federal Reserve to maintain its hawkish stance and keep interest rates higher for longer to curb rising price pressures. Mexico is the top producer of silver, and it is unclear whether the tariffs would apply to imports of the metal, Chainani said.

Technical Triggers For Gold, and Silver Prices:

Chainani believes Gold has given a breakout from its symmetrical triangle, and prices have sustained above $2750 (~Rs 79100), so we can see further momentum towards $2800 (~Rs 80500) this week.

Lastly, Chainani added, that silver prices have given a bullish breakout from its symmetrical triangle pattern by trading above $30.5 (~Rs 92000). If prices sustain above this level, we could see more gains up to $31.3 (~Rs 94000) and $32.3 (~Rs 97500).

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Original news source Credit: www.goodreturns.in

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