Gold hits fresh all-time high of ₹83,750 per 10 gm on renewed buying ahead of US Fed policy; Here’s what experts say | Stock Market News
Source: Live Mint
As the world awaits the US Fed Meeting Outcome, the precious yellow metal Gold hit a fresh all-time high at ₹83,750 per 10 grams in Delhi on Wednesday, January 29.
According to the All India Sarafa Association, cited by the news agency PTI, this new high is attributed to heavy buying from jewellers and retailers.
Gold Prices
The news agency’s report also cited that the gold spot prices jumped 4,360, marking a 5.5 per cent hike to ₹83,750 per 10 grams, compared to ₹79,390 per 10 grams on January 1.
Gold Futures for the April contract on the MCX Index were trading 0.13 per cent higher at ₹81,004 as of 7:49 p.m. (IST) on January 29, compared to the previous market close of ₹80,899, as per the official data.
Outlook for Gold
Earlier, commenting on the outlook for gold, Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said, “Gold remained flat, trading around $2,760 in Comex and ₹80,450 in MCX, as market participants awaited the U.S. Federal Reserve’s policy decision.”
On the rate cuts front, he said that an immediate rate cut seems off the table, but the forward guidance in the meeting will be essential for the commodity.
“While an immediate rate cut seems off the table, the forward guidance will be crucial in determining the next direction for gold. Any dovish signals could support bullish momentum, while a hawkish stance may trigger some profit booking. In the domestic market, ₹79,500 acts as a key support level, while ₹81,100 serves as the next major resistance,” according to the analyst.
Overall, the international gold market remains stable as investors eye the U.S. Federal Reserve’s policy meeting to see if the central bank’s stance was affected by new President Donald Trump’s proposals, according to Renisha Chainani, Head of Research at Augmont. Chainani expects the key benchmark interest rates to be kept unchanged by the US Federal Reserve.
Silver prices
Silver Futures for the March 2025 contract were trading 1.04 per cent higher or ₹947 above at ₹91,998 per kilogram, compared to ₹91,051 in the previous market close.
On the spot front, the silver prices rose ₹1,000 to ₹93,000 per kilogram, compared to ₹92,000 per kilogram in the previous market close on Wednesday, ahead of the Fed policy announcement.
The US Fed’s Jerome Powell will announce its policy outcome at 12:30 a.m. (IST) on Thursday, January 30. The Fed decided to cut its key benchmark lending rates by 25 basis points (bps) to 4.25-4.5 per cent.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
