In anticipation of their best week since mid-November, gold prices held steady on Friday during early Asian hours as investors awaited U.S. employment data to see how aggressively the Federal Reserve may lower interest rates this year.
Gold Price Today:Â
Positive global cues caused gold prices to rise in the domestic futures market on Friday, January 10’s morning session. However, a surging US dollar and rising US bond rates limited advances in the precious metal industry. Around 9:15 AM on Friday, MCX Gold was up 0.22 percent at ₹78,272 per 10 grams.
International gold prices were close to a four-week high. According to Reuters, the yellow metal is expected to have its best week since mid-November. However, a significant risk to gold prices is the US Treasury rates, which are close to eight-month highs.
The US jobs statistics released later today will be the main focus. This will shortly impact expectations on the US Federal Reserve’s interest rate trajectory.
According to recent macroeconomic statistics, the US economy is strong, which suggests that the Federal Reserve’s path toward rate cuts this year may be more constrained. The possibility of rate reduction is further diminished by worries that President-elect Donald Trump’s trade measures may increase inflation. Gold usually rises in value when the economy slows, and interest rates are lowered.
Experts’ Approach to MCX Gold:
According to experts, the price of gold will continue to vary for some time. They are still optimistic about the medium to long-term yellow metal and suggest purchasing it during declines.
According to Rahul Kalantri, vice president of commodities at Mehta Equities, gold has resistance around $2,685-2,698 and support at $2,652-2,640. Support for silver is between $29.95 and 29.75, while resistance is between $30.40 and 30.55.
According to Kalantri, gold has resistance at ₹78,370-78,550 and support around ₹77,980-77,750 in Indian rupees. Support for silver is between 91,110 and 90,470, while resistance is between 92,450 and 92,980. According to brokerage company Motilal Oswal Financial Services, X Gold may trade with a bullish bias for the day. The trading business stated that resistance is around ₹78,550-78,800, while support is at ₹78,080-77,800.
