Gold Prices in India Rise on January 20th; Silver Prices Remain Stable
Gold Prices Jump in Domestic Market
Gold prices in the domestic market increased on Monday, January 20th, following strong U.S. economic data and a dovish stance from the Federal Reserve. There was a slight profit booking for gold on January 20th, the day of Donald Trump's inauguration. Geopolitical tensions and expectations of further rate cuts from the Federal Reserve are expected to support a rise in gold prices.
Current Gold Rates
Today, 22 carat gold costs ₹7,450 per gram in India, while 24 carat gold costs ₹8,123 per gram. The price of 100 grams of 22 carat gold in India increased by ₹1,500 to reach ₹7,45,000, while 10 grams of 22 carat gold now costs ₹74,500, a jump of ₹150. The price of 100 grams of 24 carat gold went up by ₹1,200 to ₹8,12,300, and 10 grams of 24 carat gold costs ₹81,230, a ₹120 increase.
10 grams of 18 carat gold will cost ₹61,000, a rise of ₹170, and 100 grams of 18 carat gold is priced at ₹6,10,000, a jump of ₹1,700.
Spot Gold Prices
According to Reuters, U.S. gold futures fell 0.3% to $2,740.10, while spot gold was down 0.1% at $2,697.60 an ounce as of 0300 GMT on Monday. Spot silver dropped 0.6% to $30.16 an ounce, while platinum dropped 0.2% to $940.84. Palladium remained steady at $947.99.
Silver Prices Stable
In India, the price of silver remained stable today at ₹96.50 per gram and ₹96,500 per kilogram. Ten grams of silver costs ₹965, while 100 grams of silver is priced at ₹9,650.
MCX Silver and Gold Outlook
Technical analysts at Way2Wealth Brokers Pvt. Ltd. note that MCX Silver is consolidating within a symmetrical triangle pattern, indicating a bullish continuation. Resistance is expected at 92500/93680, with a potential for further gains at 95000/96500 if it breaks above 93680. Support is placed at 91000/89600 levels, with a potential drop towards 88200/87000 if it breaks below 89600. MCX Gold held steady above 79000, with active buyer participation suggesting a positive bias. Sustaining above 79300 could lead to a rise towards 79500/79800 and potentially new all-time highs at 80200. Support for MCX Gold is positioned at 78800/78380 levels.
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