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Gold prices in India hit a record high of over ₹56,000

Vivid News 24: Following gains on the global market, Indian gold futures today hit a new high. A new high of 56,245 USD per 10 grams for domestic gold futures was reached, surpassing the previous record of 56,191 USD set in August 2020.

Since November, gold prices have increased thanks to a weaker dollar and anticipations of more gradual interest rate increases by the U.S. Federal Reserve. The second-largest consumer of the precious metal in the world, however, has seen less demand due to the price increase, according to dealers.

Consumer prices in the US fell in December for the first time in more than two years, according to data made public on Thursday, fueling hope that inflation may eventually slow down. The Federal Reserve raised interest rates by 75 basis points (bps) four times in 2016, before slowing to a 50 bps increase in December.

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“The US CPI report, which came in as expected, was the main driver boosting gold’s advance. According to the study, US CPI increased 6.5% in December versus 7.1% in November (Y-o-Y). This was the lowest reading since October 2021. The Fed will raise interest rates less aggressively as inflation slows.

According to the CME Fed monitor tool, the likelihood of a 25-bps increase at the FOMC meeting in February has increased to 92.7%. This has helped gold prices trade over the 8-month high resistance level of $1884/oz, according to Ravindra V. Rao, Head of Commodity Research at Kotak Securities Ltd.

“The bulls may now aim for the following barrier in the area of $1920/oz. Currently, support is estimated to be close to $1870/oz. A break of $1870/oz at closing may signify a false breakthrough, the analyst continued. Gold’s spot price held constant at $1,895.82 per ounce, on pace to post increases for a fourth straight week.

“Gold prices are expected to rise for a fourth consecutive week after the U.S. inflation report met market forecasts while still being viewed as higher than average. The Federal Reserve’s decision to raise rates at its February meeting will determine whether or not the metal can maintain its upward momentum, according to Rahul Kalantri, VP of Commodities at Mehta Equities Ltd.

Spot silver decreased by 0.4% to $23.69. Silver’s support and resistance levels are $23.52-23.35, and $23.95-24.15, respectively. Support and resistance levels for gold in rupees are 55,540–55,380 and 56,120–56,350, respectively. Rahul Kalantri continued, “Silver has support at Rs. 68,050-67,520 and resistance at Rs. 69,320-69,680.

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Vivid News-24 Desk
Vivid News-24 Desk
Vivid News-24 News India's new growing news website. Which provides some specific categories of news, top world news, entertainment, sports, new technology, politics etc.
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