Vikrant Shekhawat : Jan 30, 2025, 10:25 AM
Gold Prices Today: The US Central Bank, Fed Reserve, has indicated not to cut interest rates in any hurry after three consecutive policy rate cuts, and this decision has had a direct impact on the dollar index, due to which its price is falling. This fall has also affected the Indian futures market, where a significant increase in gold prices is being seen. At present, the price of gold on MCX has crossed Rs 80,500, whereas a day earlier after the Fed meeting, these prices were around a record Rs 80,700. Experts say that gold prices may increase further in the coming time.Rise in gold pricesGold prices are seeing an increase on the Multi Commodity Exchange (MCX). Gold for the February contract was seen at Rs 80,525 per ten grams at 9:10 AM with a gain of Rs 245. When the market opened at 9 am, the price of gold had reached Rs 80,566. A day earlier, when the market closed, the price of gold was Rs 80,280. On January 29, gold prices touched a record level and rose to Rs 80,730. According to experts, gold prices may see further rise in future.Gold price hike in JanuaryThe month of January has seen a strong jump in gold prices. On December 31, 2024, the price of gold was Rs 76,748, which has now crossed Rs 80,700. This means that in the month of January, investors have got a return of about 5.18% from gold, that is, the price of gold has increased by Rs 3,982 per ten grams. If the dollar index continues to fall further, then gold prices may increase further in the coming days.Silver prices also riseSilver prices are also seeing an increase. Silver prices are trading at Rs 92,321 with a gain of Rs 455 on the Multi Commodity Exchange. Silver prices reached Rs 92,355 during a trading session. Silver prices have seen an increase of about 6% in January, which was Rs 87,233 per kg on December 31. So far it has increased by Rs 5,122.Gold prices in foreign marketsIf we talk about foreign markets, the price of gold futures in the US Comex market is trading at $ 2,798.20 per ounce with an increase of about $ 5. The price of gold spot is seen at $ 2,761.85 per ounce with a gain of $ 3. Silver prices have also increased, and silver futures are at $ 31.66 per ounce with an increase of 0.85%.Decline in dollar indexAfter the decision of the Fed Reserve, the dollar index is seeing a downward trend. Currently, the dollar index is trading at 107.86 with a decline of 0.13%. A month ago it was above 108. The dollar index has declined by 0.17% in the last 5 trading days. According to experts, the direction of the dollar index may become more important in the future.Experts' opinionAnuj Gupta, Commodity Currency Head, HDFC Securities, says that the reason for the rise in gold prices is the Fed's policy, in which no change is likely. Due to this, the dollar index has declined, due to which investors are turning to safe haven. Gold prices may see further rise due to increasing demand for gold.Thus, the decisions of the Fed Reserve have had their effect on the global markets, and the increase in gold and silver prices in the Indian futures market has attracted investors. In the coming time, further increase in the prices of these metals is expected.