Gold rate today: Ahead of the US Fed meeting, beginning today fresh Donal Trump’s tariff rant, MCX gold rate witnessed buying interest during the early morning session. Gold futures contract on Multi Commodity Exchange (MCX) for the February 2025 expiry today opened upside at ₹79,631 per 10 gm but soon came under the bulls’ radar and touched an intraday high of ₹79,822 per 10 gm. However, the precious yellow metal failed to sustain at higher levels and came down towards ₹79,725 per 10 gm range, around ₹600 away from the recently made new peak of ₹80,312.
US Fed meeting in focus
On triggers that have fueled gold rates today, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, “Gold price today is ascending on two major reasons: US Fed rate cut buzz ahead of the US Fed meeting, which is beginning today and the Donald Trump’s tariff jitters.”
The HDFC Securities expert said that US President Donald Trump has already said at the World Economic Forum, Davos, that he wants low interest rates from the US Fed, which has fueled the US Fed rate cut buzz. Anuj Gupta of HDFC Securities added that Donald Trump’s protectionist policy on the US tariff has caused global economic uncertainty, which has fueled demand for haven demand for gold.
Gold price today: Important levels to watch
Speaking on the key technical levels regarding the MCX gold rate today, Sugandha Sachdeva, Founder of SS WeakthStreet, said, “Technical setup indicates strength in the precious metal. Gold price surpassed the key resistance level of ₹79,200 per 10 gm last week, 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 above the same could push the prices to ₹81,200 per 10 gm mark in the near term. However, if Gold price 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 per 10 gm and ₹78,500 per 10 gm mark. Buying gold on dips in a phased manner could enhance your returns and provide a safety net to your portfolio.”
Triggers that may dominate gold prices
On major triggers that may dominate gold rates, Sugandha Sachdeva of SS WealthStreet said, “Looking ahead, investors will closely monitor two major central bank meetings- the US Fed and European Central Bank meeting scheduled this week. The Fed’s stance on interest rates will be crucial in determining the gold price trajectory. Further, the ECB is likely to slash its deposit rates, currently at 3.00%, which could further impact global risk sentiment. On the domestic front, the Union Budget on February 1, 2025, will be a key event, as investors await any potential changes in customs duty on gold.”
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.