Gold prices at all-time high: Amidst the rise in the global market, gold reached its new all-time high in the domestic market on Wednesday (January 22). Spot gold was recorded at a record price of Rs 80,194 in the domestic market today. Earlier, it had made an all-time high of Rs 79,681 per 10 grams on October 30 last year. On the last trading day of last year i.e. 31 December 2024, it closed at a price of 76,162. If seen in this way, so far this year gold has strengthened by more than Rs 4 thousand i.e. 5 percent.
Even in the domestic futures market, gold is trading very close to its all-time high of 79,775. The benchmark gold contract on MCX touched a high of Rs 79,626 during trading today. At the beginning of this year i.e. on January 6, 2025, it had gone down to a low of Rs 76,563 per 10 grams.
Meanwhile, amid weakness in the US Dollar Index and increasing demand as a safe-haven investment option, gold was recorded at a high of almost 3 months in the global market today. If you hold gold in any currency other than the dollar, then the weakness in the dollar reduces its price, which increases the demand for this commodity. At the same time, the fall in US bond yield reduces the opportunity cost of gold for investors. The US dollar index is currently at its lowest level in 3 weeks.
According to experts, the increase in demand for this precious metal as a safe-haven investment option is supporting the prices amidst the global economic uncertainty regarding Donald Trump’s trade policies. . Besides, the purchases being made by the central banks of other countries including China have also filled investors with enthusiasm regarding gold. After a six-month break i.e. April 2024, China’s central bank purchased gold for the second consecutive month in December. At the same time, weak rupee in the domestic market is acting as a bonus for gold.
At present, investors are eagerly waiting for the meeting of the US Federal Reserve. There is a strong possibility in the market that the US Central Bank may not make any changes in interest rates in its meeting on January 28-29. There is no interest/yield on gold, hence due to interest rates not going down, the demand for this asset class as an investment decreases.
domestic spot market
According to the Indian Bullion and Jewelers Association (IBJA), 24 carat (999) gold in the spot market rose by Rs 741 at the close of trading on Wednesday to a record price of Rs 80,194 per 10 grams as compared to the previous day’s (Tuesday) closing. were recorded. Earlier on October 30, 2024, it had reached a record high of Rs 79,681 per 10 grams.
At the close of trading on Tuesday, January 21, 24 carat gold was recorded at Rs 79,453 per 10 grams. On December 31, 2024, it closed at a price of Rs 76,162, whereas at the close of trading on November 13, 2024, 24 carat gold was seen at the level of Rs 73,739 per 10 grams.
spot Gold (spot gold/10 gm)
Source: IBJA
domestic future market
The benchmark February contract of gold on the domestic futures market MCX is currently (7:00 PM IST) at Rs 79,510 per 10 grams with a gain of Rs 286, or 0.36 per cent. Earlier today, on January 22, it opened at Rs 79,328 with a rise of Rs 104 and traded between a high of Rs 79,626 and a low of Rs 79,292. The benchmark December contract of gold fell to a low of Rs 73,300 per 10 grams during intraday trading on November 13, 2024, while it hit a record high of Rs 79,775 per 10 grams on October 30, 2024.
Gold Futures (Gold Futures/10 gm)
Source: MCX (7:00 pm IST)
global market
In the global market, gold is currently trading at a high of almost 3 months. During trading today, spot gold went up to $ 2,763.38 an ounce and went down to $ 2,741.92 an ounce. Currently it is at $ 2,753.60 an ounce with an increase of 0.32 percent. It had risen by about 1.5 percent the previous day. Similarly, the benchmark US February gold futures (Gold COMEX FEB′25) also remained in the range of $ 2,774.40 and $ 2,756.20 an ounce during trading today. Currently it is trading at $ 2,765.20 an ounce with a strength of 0.22 percent. Earlier on October 31, spot gold and US gold futures had reached record highs of $ 2,790.15 and $ 2,801.80 an ounce respectively.
International Gold (International gold (USD/ounce)
Source: Bloomberg (7:00 PM IST)