Gold Price Outlook: What to Expect for 24K, 22K, and 18K Gold This Week
Gold prices in India have recently hit record highs, driven by optimism surrounding the Union Budget 2025. The price of 24K gold surpassed Rs 84,400 per 10 grams, and MCX gold briefly exceeded Rs 83,300 per 10 grams during the budget announcement. As we move into the new trading week, here's what you can expect for gold and silver prices.
Recent Market Performance
On February 1, MCX gold, with an April 2025 expiry, reached an intraday high of Rs 83,369 per 10 grams. Although it closed slightly lower at Rs 82,350 per 10 grams, it still marked a gain of 0.14% for the day. MCX silver, with a March 2025 expiry, also saw significant gains, hitting an intraday high of Rs 94,400 per kg before settling at Rs 93,250 per kg.
As of February 2, gold prices in India are as follows:
- 24K Gold: Rs 84,490 per 10 grams
- 22K Gold: Rs 77,450 per 10 grams
- 18K Gold: Rs 63,370 per 10 grams
Notably, gold prices surged by over 8% in January 2025, while silver prices outperformed gold, gaining nearly 10% during the same period.
Weekly Outlook
According to SMC Global Securities, gold has maintained a strong bullish trend for the past five weeks. COMEX gold futures have nearly touched $2,860, and MCX gold reached a record high of around Rs 82,210. The depreciation of the Indian Rupee has further fueled this surge. Silver has also seen a rapid rally, with COMEX closing near $32.8 and MCX closing at approximately Rs 94,000.
Despite signals from the Federal Reserve about a pause in rate cuts, gold has surged by over 40%, driven by geopolitical uncertainty and ongoing economic instability. There has been a noticeable increase in demand, with a four-week minimum waiting time to load gold from the Bank of England.
Price Predictions
For the coming week, the market is expected to be data-driven, with several key U.S. economic reports influencing gold prices. The gold-to-silver ratio is expected to move towards 87:1, with silver showing stronger upside potential. Gold may experience a temporary pause in its rally.
Technically, gold is expected to trade within the range of Rs 80,000 to Rs 84,000 levels, while silver is predicted to fluctuate between Rs 90,000 and Rs 96,000 levels.
Key Points:
- Gold prices recently hit record highs.
- Market sentiment is bullish for gold and silver.
- Silver expected to show stronger upside potential.
- Gold may experience a temporary pause in its rally
- Watch out for U.S. economic data this week.
Investors should closely monitor market developments as the week unfolds.
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