Gold Rate in India Today Shocks Market: 24K, 22k, 18k, Gold price Breaks All Records; Check Jan 29 Rates

Gold rate in India today scripted history, surging to a fresh all-time high and crossing the Rs. 1,70,000 per 10 grams mark for the first time ever. The sharp rally in gold prices today is due to the massive interest in safe-haven assets as global uncertainty is rising.

Globally, spot gold rallied on Thursday, climbing to a record high of nearly $5,600 per ounce, which is consequently impacting domestic gold prices.

Market sentiment is also cautious despite the US Federal Reserve's decision to keep interest rates unchanged as expected.
Meanwhile, the US dollar ended the session on a positive note, gaining nearly 0.5%, after the Federal Reserve signalled no immediate urgency to resume rate cuts. All these factors together fuelled the present rally in precious metals, pushing gold prices to record highs levels. The yellow metal so far in January has surged more than 20%

Gold Rate In India Today, Jan 29

On Thursday, , 22-carat gold rates in India jumped a massive Rs. 10,800 to reach Rs. 1,63,950 and similarly, the 24-carat gold jumped by Rs. 11,770 to touch Rs.1,78,850. Just like that, the 18-carat gold also saw a major rise of Rs. 8,830 to retail at Rs. 1,34,140.

Similarly, the 100g of 22-carat gold rates in India jumped by Rs.1,08,000 to cost Rs. 16,39,500. While the 24 carat Gold Now Costs Rs. 17,88,500 per 100g after rising by Rs. 1,17,700.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures, slated to mature on February 5th, jumped higher, trading at Rs. 1,77,762, witnessing a rise of 7.14% or 11,847 points. Similarly, silver futures, with an expiry date of March 5th showed a rise during the trading session. Prices spiked by 4.94 % to Rs. 4,04,400 per kg creating a fresh new record today.

International Gold and Silver Prices Update

According to the latest report from Reuters,"Spot gold shot up 2.6% to $5,538.69 an ounce by 0349 GMT, after hitting a record $5,591.61 earlier in the day. Spot silver was up 0.6% at $117.30 an ounce after hitting a record high of $119.34 earlier."

"Spot Gold is likely to trade with positive bias on expectation of further weakness in dollar and softening of US treasury yields. Further, demand for safe haven may increase on escalating trade and geopolitical tensions. US Threated Iran to make a deal on nuclear weapon or face attack. In Response Iran threatened to strike back against US and those who support. Additionally, investors fear over another government shutdown. Moreover, concern over Fed independence and strong central bank buying would be supportive for the prices. US President Donlad Trump is likely to announce next Fed Chairman soon who would advocate for lowering borrowing cost " as per ICICI commodity Outlook.

Gold Price Analysis & Outlook

According to a commodity research report from Way to Wealth, "The trend and momentum remain positive across the daily, weekly, and monthly timeframes. There are no signs of weakness on the charts. However, it is also trading in an oversold zone, new traders must be cautious while playing with the momentum. Immediate support is placed at 163100-159900, while resistance is seen in the 174,500 zone. Traders can buy MCX GOLD for the target of 174500. Sustain weakness below 162800 should be taken as a stoploss."

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