Gold prices at new all time high: After the spot market, gold also reached its new all-time high in the domestic future market on Friday (January 24). The benchmark contract of gold crossed the level of 80 thousand for the first time today on the domestic future market i.e. MCX. During intraday trading it rose to a record high of Rs 80,050. Earlier, it had made an all-time high of Rs 79,775 per 10 grams on October 30 last year. Whereas in the beginning of this year i.e. on January 6, 2025, it went down to a low of Rs 76,563 per 10 grams.
On the other hand, in the domestic spot market, gold is currently at its new all-time high of Rs 80,430. It had crossed the record level of 80 thousand on Wednesday itself.
Meanwhile, gold today was recorded at a high of almost 3 months in the global market amid weakness in the US Dollar Index and increasing demand as a safe-haven investment option. This precious metal has increased by about 3 percent this week. This is the fourth consecutive week that gold prices have increased. 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 has weakened more than 1 percent so far this week and is on track for its worst weekly performance in two months.
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 future market
The benchmark February contract of gold on the domestic futures market MCX is currently (1:40 PM IST) up by Rs 354 or 0.44 per cent at Rs 79,980 per 10 grams. Earlier today, on January 24, it opened at Rs 79,700 with a rise of Rs 74 and traded between a high of Rs 80,050 and a low of Rs 79,700. 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 (1:40 pm IST)
domestic spot market
According to the Indian Bullion and Jewelers Association (IBJA), 24 carat (999) gold in the spot market rose by Rs 391 in early trade on Friday to a record price of Rs 80,430 per 10 grams as compared to the previous day’s closing (Thursday). Went.
At the close of trading on Thursday, January 23, 24 carat gold was recorded at Rs 80,039 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
global market
In the global market, gold is currently trading at a high of almost 3 months. This week its prices have strengthened by about 3 percent. During trading today, spot gold went up to $ 2,778.35 an ounce and down to $ 2,753.76 an ounce. Currently it is at $ 2,771.04 an ounce with an increase of 0.59 percent. Similarly, the benchmark US February gold futures (Gold COMEX FEB′25) also remained in the range of $ 2,785.30 and $ 2,761 an ounce during trading today. Currently it is trading at $ 2,776.60 an ounce with a strength of 0.42 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 (1:40 PM IST)