Best time to buy gold in India today
Gold prices went up significantly on Friday, January 3rd. This happened because the Federal Reserve, the central bank of the United States, hinted that they might lower interest rates in 2025. This means they might make it easier to borrow money. When interest rates are lower, people often buy gold because it’s seen as a safer investment.
Also, there’s a lot of trouble in the world right now. There are wars and political problems in places like the Middle East, Ukraine, and South Korea. When things are uncertain, people tend to buy gold because it’s considered a safe haven for their money.
24K Gold:
- Price per gram: Rs 7,920.
- 10 grams: Rs 79,200 (up Rs 870 from yesterday).
- 100 grams: Rs 7,92,000 (up Rs 8,700 from yesterday.
22K Gold:
- Price per gram: Rs 7,260.
- 10 grams: Rs 72,600 (up Rs 800 from yesterday).
- 100 grams: Rs 7,26,000 (up Rs 8,000 from yesterday).
18K Gold:
- 10 grams: Rs 59,400 (up Rs 650 from yesterday).
- 100 grams: Rs 5,94,000 (up Rs 6,500 from yesterday.
Gold prices edged higher today, boosted by a weaker US dollar. Spot gold currently trades at $2,661.19 per ounce, marking a 0.2% increase. This price point represents the highest level for gold since December 13th. Notably, gold has seen a 1.6% price appreciation this week.
US gold futures also experienced a modest 0.2% gain, currently trading at $2,675.40.
Other precious metals also saw some movement:
- Palladium: Up 0.2% at $913.18
- Platinum: Up 0.4% at $926.95
- Silver: Remained relatively stable at $29.58 per ounce.
MCX Gold Outlook:
- Positive Momentum: MCX Gold closed above the crucial 77,700 level, forming a bullish candle on the daily chart. This indicates strong upward momentum, supported by high trading volumes.
- Potential Resistance: Prices may face resistance at 77,850 and 78,200 levels. A break above 78,200 could signal further gains, potentially reaching 78,700 or even 79,000.
- Support Levels: Support for MCX Gold is observed at 77,420 and 77,000 levels.
- Caution: Traders are advised to exercise caution and use strict stop-loss orders, as volatility may remain high due to ongoing geopolitical tensions.
Gold Predictions
- Strong Rally: Gold prices in India have continued to rise, surpassing ₹77,300.
- Supporting Factors:
- Comex Gold Strength: Sustained trading above $2,640 in the international market (Comex) has provided significant support.
- Rupee Weakness: The weakening Indian Rupee has further boosted domestic gold prices by over ₹400.
