Gold Prices Today: Yellow metal hits record-high of ₹82,900 on global cues, up 32% in 12 months; Silver trades lower | Stock Market News

Gold Prices Today: The yellow metal rose ₹170 to hit a fresh record high of ₹82,900 per 10 grams in the national capital on Thursday, January 23, amid a positive trend in global markets. According to the All India Sarafa Association, the precious metal had closed at ₹82,730 per 10 grams on Wednesday. 

In about one year, the precious metal surged ₹20,180 or 32.17 per cent to ₹82,900 per 10 grams from ₹62,720 per 10 grams on February 23, 2024. Extending the gains for the seventh straight session, gold of 99.5 per cent purity appreciated by ₹170 to hit an all-time high level of ₹82,500 per 10 grams.

Also Read: Gold price today: Rates jump on dollar’s weakness; Trump policy in focus; experts’ share strategy for MCX Gold

Gold Prices Today: What’s driving the yellow metal?

-The yellow metal had finished at ₹82,330 per 10 grams in the previous trading session. Gold of 99.9 and 99.5 per cent purity grew ₹2,320 each in the last seven trading sessions. However, silver prices declined ₹500 to ₹93,500 per kg from the previous close of ₹94,000 per kg on Wednesday.

-Bullion traders attributed the rise in precious metal prices to heightened demand from jewellers and retailers and a strong trend in the international markets. The remarks by the newly elected US President Donald Trump on tariffs are driving the bullish momentum.

-In futures trade on Thursday, gold contracts for February delivery rose ₹19, or 0.02 per cent, to ₹79,583 per 10 grams on the Multi Commodity Exchange (MCX). However, silver futures declined ₹422 or 0.46 per cent to ₹91,522 per kg from the previous close of ₹91,944 per kg on Wednesday.

Also Read: Gold price today: MCX Gold rates rise as focus shifts to Donald Trump’s policies; experts share strategy for bullion

-In the overseas markets, Comex gold futures fell $13.20 per ounce or 0.48 per cent to $2,757.70 per ounce. Spot gold eased 0.4 per cent to $2,744.26 per ounce. Prices hit a more than three-month peak on Wednesday, $26.72 shy of their all-time high of $2,790.15 in October.

-Silver Comex futures quoted 1.03 per cent lower in the Asian market hours at $31.10 per ounce. US President Trump announced that his government was considering levying a 25 per cent tax on Canada and Mexico.

-The US President’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 metal imports.

-Market experts noted that commodity market participants are focusing on the upcoming US Federal Reserve policy meeting on Wednesday, January 29, 2025, which can provide further cues for the future trajectory of bullion prices.

Also Read: Donald Trump reiterates tariff, tax threat on foreign countries in inaugural address

Where are gold prices headed?

Market analysts noted that gold experienced minor profit bookings following the positive rallies witnessed in the past few days after Trump’s oath. Recent data, including a lower-than-expected CPI and softer payroll numbers, are building expectations for the US Fed to adopt a rate-lowering stance.

“However, some resistance is likely ahead of the event as traders may book profits at higher levels. In MCX, gold could see profit booking towards the ₹78,800- ₹US 79,000 zones, with volatility expected to persist until clearer cues emerge from the US Fed’s policy announcement,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.

According to Dr. Renisha Chainani, Head of Research at Augmont, gold has broken out from its symmetrical triangle, and prices have sustained above $2,750 (~ ₹79,100). Therefore, it can see further momentum towards $2,800 (~ ₹80,500) this week.

“Silver prices have given a bullish breakout from its symmetrical triangle pattern by trading above $30.5 (~ ₹92,000). If prices sustain above this level, we could see more gains up to $31.3 (~ ₹94,000) and $32.3 (~ ₹97,500),” added Dr Chainani.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.