Gold prices in India witnessed a massive rally on Wednesday, January 29, ahead of the Federal Reserve's policy outcomes that are scheduled later in the day. In major cities, 100 grams of 24K gold surged by nearly Rs 9,200 and 10 grams price climbed to nearly Rs 1,000 in a single. The performance of gold comes despite the low hope of a rate cut from the Fed amidst uncertainties around Trump's policies.
Gold Prices In India:
24K Gold Prices: 100 grams gold price surged by Rs 9,200 to Rs 8,28,500, while 10 grams gold price climbed by Rs 920 to Rs 82,850.
22K Gold Prices: 100 grams gold price soared by Rs 8,500 to Rs 7,59,500, and that of 10 grams gold price climbed by Rs 850 to Rs 75,950.
18K Gold Prices: Furthermore, 100 grams gold price jumped by Rs 6,900 to Rs 6,21,400 in 100 grams, and was higher by Rs 690 in 10 grams to Rs 62,140.
Gold prices are now at their highest level of January 2025 month. Also, the latest spike comes after two consecutive days of decline in gold since Monday. Gold prices are now up by 5% in January alone.
Gold Prices In Big Cities:
Gold prices are expensive in cities like Delhi, Ahmedabad and Vadodara, compared to cities like Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Kerala and Pune among others.
Unlike gold, silver prices in India were unchanged on January 29. 1 kg silver is priced at Rs 96,500, while 1 gram silver is at Rs 96.50. However, silver continues to be expensive in cities like Chennai, Kerala, and Hyderabad at Rs 1,04,000 per 1kg.
MCX Gold, Silver Prices:
Dated as April 2025 expiry, MCX gold price shot up to hit yet another new record high. MCX gold price surged to touch a new all-time high of Rs 81,098 per 10 grams. Currently, the bullion was higher by Rs 161 or 0.20% to Rs 81,060 per 10 grams.
Additionally, MCX's silver price which has a March 2025 expiry date, surged to hit an intraday high of Rs 91,203 per 1kg. Currently, this precious metal is trading at Rs 91,130 per 1kg, up by Rs 79 or 0.09%.
Spot Gold Price:
As per Trading Economics data, Gold prices traded around $2,765 per ounce on Wednesday, extending a slight recovery from the previous session as uncertainty over US tariffs spurred safe-haven demand. On Monday, President Trump announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel to boost domestic production. White House spokeswoman Karoline Leavitt also confirmed on Tuesday that Trump still plans to follow through with tariffs on Canada and Mexico starting February 1st and is considering new tariffs on China.
The data highlighted that investors' focus is now set on the Federal Reserve's first policy meeting this year, where Fed officials are expected to leave interest rates unchanged later today. Higher rates tend to diminish the appeal of non-yielding gold. Market attention will also focus on how the Fed responds to President Trump's calls for further rate reductions last week.
What Is Impacting Gold Prices On January 30?
Rahul Kalantri, VP of Commodities, Mehta Equities said, gold and silver prices remained stable, recovering slightly from a day low after a tech-driven market selloff, as uncertainty about US tariffs boosted safe-haven demand, while attention shifted to the Federal Reserve's meeting conclusion later in the day. In a speech, Trump stated that he would impose tariffs on aluminium, copper, and steel to encourage producers to manufacture them in the United States.
Kalantri added, that Trump's policies are also perceived as inflationary, which may lead the Fed to keep interest rates higher for longer, reducing gold's appeal as an inflation hedge. Investors are now focused on the Federal Reserve's first policy meeting of the year, as Chinese markets remain closed for the Lunar New Year holidays.
Should You Buy Gold?
Looking ahead, Kalantri said, gold has support at $2745-2728 while resistance at $2780-2794. Silver has support at $30.20-30.00 while resistance is at $30.58-30.80. In INR gold has support at Rs 79,870-79,680, while resistance at Rs 80,440-80,620. Silver has support at Rs 90,570-90,050 while resistance at Rs 91,980-92,670.
Moreover, Nirmal Bang in its technical outlook report dated January 29th, said, gold prices are expected to trade positively as long as hold 80000. One can buy at 80300 with a stop loss of 80000 for the target at 80650- 80800.
On silver, Nirmal Bang's note said, silver prices are expected to rise. One can buy at 90700 with a stop loss of 90000 for the target at 91500-92200.
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