Gold rate today: Amid US Fed rate cut buzz and DeepSeek AI model fears, MCX gold rate opened upside in the early morning session on Wednesday and hit a new peak of ₹80,413 per 10 gm. Gold futures contract on Multi Commodity Exchange (MCX) for the February 2025 expiry today opened upside at ₹80,325 per 10 gm. It touched an intraday high of ₹80,413 within a few minutes of the Opening Bell. Gold rate today climbed to this new peak, bettering the previous peak of ₹80,312 per 10 gm on the MCX.
Gold rate today: Triggers for yellow metal rally
Jateen Trivedi, VP Research Analyst — Commodity & Currency at LKP Securities, said, “The US Fed meeting outcome and India’s Union Budget 2025 are critical events, keeping participants cautious and focused on potential developments. These events will likely drive volatility in the gold market, with near-term support around ₹79,000 and resistance at ₹80,600 in domestic.”
Pointing towards the DeepSeek AI model fear, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, “The recent outbreak of the DeepSeek AI model has fueled the safe-haven demand for gold as most of the assets have come under the sell-off heat. The US dollar index has slipped from 110 levels and is around the 107 mark as the market expects the announcement of a US Fed rate cut after Donald Trump’s lower interest rate jibe at the World Economic Forum, Davos.”
INR vs USD: Weak rupee in focus
Pointing towards the domestic trigger, Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, said, “Importer demand for the US Dollars (USD) and uncertainty over tariffs by the US administration may further weigh on the Indian National Rupee (INR). However, overall weakness in crude oil prices and central bank intervention may support the Rupee. Investors may remain cautious ahead of FOMC meeting outcome this week. RBI’s announcement of the OMO may also support the rupee at lower levels. USD-INR spot price is expected to trade from ₹86.30 to ₹86.80.”
Gold price outlook
Speaking on the gold price outlook ahead of the US Fed meeting outcome, Sugandha Sachdeva, Founder of SS WealthStreet, said, “There is a near-term resistance at ₹80,500 per 10 gm mark and a breakout the same could push the prices ₹81,200 per 10 gm mark in the near-term.”
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