Gold, silver prices on January 24: Gold prices reached their highest level on Friday (January 24). The future price of gold for the expiry date of February 5th on the Multi Commodity Exchange (MCX) rose by 0.41% to reach Rs 79,949 per 10 grams today. Concerns in the market regarding policy uncertainties during US President Donald Trump’s tenure are playing a significant role in this rise. Additionally, strong spot demand, the weakness of the rupee, and positive global cues are also supporting gold prices.
Gold price opened today with strong rise to breach the bullish channel’s resistance line and head towards resuming the main bullish trend, on its way to achieve gains that start by testing 2790.00$ level.
Stochastic current negativity might cause some temporary sideways fluctuation before resuming the positive trades, noting that breaking 2762.00$ will stop the bullish wave and push the price to start bearish wave on the intraday basis. The expected trading range for today is between 2755.00$ support and 2795.00$ resistance.
Prices reach a three-month high
According to reports, international gold prices reached their highest level in three months and are on track for a gain for the fourth consecutive week. On Thursday, in the national capital, the yellow metal rose by Rs 170 to reach a new record level of Rs 82,900 per 10 grams. Traders and investors are now focused on the Federal Reserve’s meeting scheduled for January 28-29. Last Thursday, comments from Trump caused the US dollar to fall to its monthly low. Trump mentioned that he would pressure the Federal Reserve to reduce interest rates.
Impact of high-interest rates on gold prices
Overall, high-interest rates affect gold prices because they increase the opportunity cost of holding gold instead of investing in interest-bearing assets or keeping cash in the bank. When interest rates are higher, the value of the US dollar typically rises, and since gold is priced in dollars, this results in a decrease in gold prices. Interest rates are applied to loans given by financial institutions to borrowers. They are paid as interest to savers and depositors. These rates are influenced by base lending rates, which are set by central banks in response to changes in the economy.
Gold rate in Mumbai on January 24
The Gold rate in Mumbai is Rs 82,080/10 grams today. On January 23, the gold was available for Rs 82,100/10 grams.
Gold rate in Delhi on January 24
On January 24, the gold rate in Delhi is Rs 82,230/10 grams for 24 carat. The gold was quoted at Rs 8,223/10 grams for 22 carat.
Gold rate in Chennai on January 24
On January 24, the gold rate in Chennai was Rs 82,080/10 grams for 24 carat gold and 22 carat was priced at Rs 75,240/10 grams.
Gold rate in Kolkata on January 24
The gold rate in Kolkata was Rs 82,080/10 grams, today, January 24. The glittering metal was selling for Rs 75,240/10 grams for 22 carat.
Silver rate in Mumbai on January 24
Silver rate in Mumbai was Rs 96,400/Kg on January 24, while it was priced at Rs 96,500/Kg on the previous day.
Silver rate in Delhi on January 24
The silver rate in Delhi was Rs 96,400/Kg on January 24. The price of silver for 10 gram Rs 9,640/gram on January 24.
Silver rate in Kolkata on January 24
Today, the silver rate in Kolkata is Rs 96,400/Kg and for 10 gram, it was priced Rs 9,640.
Silver rate in Chennai on January 24
The silver rate in Chennai today, January 24, is Rs 1,03,900/Kg and for 10 gram it is priced at Rs 1,039.
