Gold rate today: After hitting a new peak of ₹80,312 per 10 gm on Friday last week, the precious yellow metal witnessed profit-booking as the US dollar rates bounced back from the five-week low. In the early morning session, MCX gold rate opened downside at ₹79,859 and touched an intraday low of ₹79,765 per 10 gm within a few minutes of the Opening Bell. In the international market, spot gold prices quote $2,761 per ounce, whereas COMEX gold price is around $2,794 per troy ounce.
According to experts, the overall outlook for the gold price today is positive. US economic uncertainties due to the escalating tariff war and uncertainties around the US economy still persist. They said these triggers are enough to keep gold as an investors’ haven in the near term.
US Fed rate cut buzz
On triggers that may fuel gold rates, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, “After the US President Donald Trump’s jibe at Davos on the US Fed rate cut in upcoming monetary policy meeting on Wednesday next week, US dollar came under the sell-off pressure. The US dollar index crashed over half a per cent and closed near the 107 mark on Friday. This triggered demand for gold as a safe-have amid uncertainty over the US economic outlook, which received a further boost after escalating tariff war as 25 per cent tariff on the Mexican and Canadian imports is going to become effective from 1st February 2025.”
Pointing towards the rising tariff tension, Sugandha Sachdeva, Founder of SS WealthStreet, said, “Rising economic uncertainties have fueled the latest leg of gold’s rally. Concerns over President Donald Trump’s proposed 25% tariffs on imports from Mexico and Canada, set to take effect on February 1, have heightened the safe-haven demand for gold. These tariffs could disrupt global trade and contribute to inflationary pressures in the US economy.”
Suganda notes that Trump’s call for lower interest rates, expressed during his speech at the World Economic Forum in Davos, further fueled the gold price rally. His stance led to a sharp decline in the US dollar index to a 5-week low, providing a strong tailwind for the precious yellow metal.
Gold price today: Key levels to watch
“In the international market, spot gold price has crucial support placed at $2,740 while it is facing resistance at the $2,790 per ounce mark, its current record high. On decisively breaching this hurdle, the yellow metal may soon touch the $2,800 per ounce mark,” said Anuj Gupta.
On the suggestion to short-term investors, Sugandha Sachdeva of SS Wealth said, “Technical setup indicates strength in the precious metal. Gold price today has surpassed the key resistance level of ₹79,200 per 10 gm, extending its move to test highs of ₹80,312 per 10 gm. However, there is a near-term resistance at ₹80,500 per 10 gm mark, and a breakout of the same could push the prices to ₹81,200 per 10 gm mark in the near term. However, if Gold fails to sustain itself above this level, we can see some profit booking setting in the metal, pushing it lower to retest its support level of ₹79,200 and ₹78,500 mark. Buying gold on dips in a phased manner could enhance your returns and provide a safety net to your portfolio.”
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.