Gold prices surged and remained elevated in the domestic futures market on January 21.
Image: The News Pit
After 47th US President Donald Trump declared that the “golden age of America begins right now” during the inaugural speech, gold prices surged and remained elevated in the domestic futures market on January 21. MCX Gold was up 0.37 per cent for the February 5 expiry, quoting at Rs 78,838 per 10 grams, as of 9:25 AM.
In the Indian market, 24-carat gold continues to attract buyers seeking premium quality, while 22-carat gold remains a favourite among jewellery investors and enthusiasts alike for its durability.
On the other hand, the US dollar weakened following Trump’s swearing-in as US president, amid speculations that he would not be immediately announcing aggressive tariffs after taking office.
“After weeks of global speculation over which duties Trump would impose tariffs on his first day in office, news that Trump would take more time on tariffs drove a relief rally in global stocks and pressured the US dollar,” according to Reuters.
“In today’s speech, Trump declared that the “golden age of America begins right now.” Notice he invoked gold, not Bitcoin. The reference also suggests something like the Gilded Age. But during that period of unprecedented economic growth, we had no income or Social Security taxes,” Peter Schiff, Chief Economist & Global Strategist at Europac.com, shared on X (formerly known as Twitter). For those unaware, the late 1870s to the late 1890s is referred to as the ‘Gilded Age’, which occurred between the Reconstruction era and the Progressive Era.
Read More: Mukesh Ambani, Nita Ambani Set To Attend Trump’s Inauguration Says Report
Reportedly, market analyst Manav Modi at Motilal Oswal Financial Services predicts that updates from President Trump and officials at Davos could trigger market volatility. Manoj Kumar Jain of Prithvifinmart Commodity Research expects that prices of gold and silver will remain volatile this week. He believes buying silver around Rs 91,100 is likely to benefit investors.
“Gold has support at $2,722-2,700, while resistance at $2,745-2,764 per troy ounce and silver has support at $30.84-30.50, while resistance is at $31.40-31.74 per troy ounce in today’s session. MCX Gold has support at Rs 78,300-78,080 and resistance at Rs 78,800-79,000, while silver has support at Rs 90,750-90,200 and resistance at Rs 92,000-92,650,” Jain said, according to Mint.
Disclaimer: Investments in securities are subject to market risks. So, carry out your due diligence before investing. Please do not consider any article on this platform as financial advice.
