Gold rates in India today are shining bright with a massive jump towards the end of the week While the global gold market faces challenges in maintaining gains due to a strengthening U.S. dollar, Indian gold rates are climbing higher due to strong domestic demand and market sentiment.
Gold prices in India today
On 10th January, 24-carat gold rates in India stood at Rs. 1,40,460 per 10 grams with a rise of Rs.1150, whereas the 24-carat gold rates rose by Rs. 1050 to cost Rs. 1,28,750 In a similar line, the 18-carat gold rates in India are now expensive and cost Rs. 1,05,340 after spiking by Rs.860.
Just like that, 100 grams of 24-carat gold retails at Rs. 14,04,600 with a rise of 11,500 and 22-carat gold per 100g retails at Rs. 12,87,500 with a jump of Rs. 10,500, and 18-carat gold per 100 grams with a spike of Rs. 8,600 to retail at Rs. 10,53,400.
Silver Prices in India Today
Just like gold, silver rates in India also experienced a jump of Rs. 11000 per kg, and currency retained at Rs. 2,60,000 Similarly, 100 grams of silver is currently retailing at Rs. 26,000.
MCX Gold and Silver Futures Update
Trading on the MCX is closed today, Multi Commodity Exchange (MCX), set to be delivered on February 5,, jumped 56 points, or 0.04%, and settled at Rs. 1,38,875. Meanwhile, silver futures, with a delivery date of March 5, are settled lower by 0.29%, shedding 723 points to Rs. 2,52,002 per Kg.
Spot Gold & Spot Silver Prices in the International Market
As per the latest Reuters report, “Spot gold was up 0.5% at $4,496.09 per ounce as of 01:31 p.m. ET (1618 GMT), and was set for about 3.9% weekly gain. Bullion hit a record high of $4,549.71 on December 26. U.S. gold futures for February delivery settled 0.9% higher at $4,500.90. Spot silver gained 3.5% to $79.56 per ounce.”
Market Insight on Gold Price
According to a commodity trend report by Way to Wealth, “Gold hovered near $4,470/oz, supported by safe-haven demand from geopolitical tensions and central-bank buying, as investors awaited key US jobs data that could shape this year’s rate-cut expectations. On the technical front, MCX Gold continues to remain in an uptrend, with the overall structure staying bullish. However, over the last two trading sessions, it has witnessed some profit-taking. The 10 and 20 DEMA lines have acted as strong support zones, and this trend is expected to continue going forward. Traders may add small positions on dips near the 10 and 20 DEMA lines and look to sell at swing highs. Immediate support is placed at 136,440-135,700, while resistance is seen at 139,140-140,400. Traders can buy MCX Gold near the support levels for a target of 139,140-140,400. Any close below 135,400 would be negative and would warrant a review of the current view.”