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Spot Gold rose 0.7% as 0505 GMT to 2,773.57 an ounce and touched $ 2,777.10, the highest since October 31, 2023.
In India, 24k gold used to trade at âı 82,080 per 10 grams, while 22k gold was quoted at âı 75,240.
Prices remained stable at a record-high level compared to Thursday.
The US Gold Futures climbed 0.6% to $ 2,781 an ounce, the weekly profit beyond 2%.
Major driver behind rally
Weak Dollar: The dollar slipped more than 1% this week, marking its worst weekly performance in two months. This made gold cheaper for foreign buyers, meeting the demand.
Trump policies: US President Donald Trump’s immediate interest rate cut and call for vague tariff policies increased market volatility, pushed investors to gold as a safe shelter.
Global interest rates: Bank of Japan has not seen rates since the 2008 financial crisis. The markets are now waiting for the decision from the US Federal Reserve and European Central Bank next week.
VP Commodities in Mehta Equality, Rahul Kalamanti said, âGold is supported at $ 2,742- $ 2,724 per ounce and resistance is at $ 2,780- $ 2,794 an ounce. In India, gold support is âı 79,470-79,280 per 10 grams and resistance âı 79,820-79,980 per 10 grams. ,
Market spirit and outlook
Gold is expected to continue the speed of boom, the new record high with analysts has been introduced.
Kyle Rodda, a market analyst from Capital.com, said, “The trend of gold remains rapid, and we are on track to hit $ 3,000 per ounces milestone this year.”
Renisha Chanani, head of research at Ogamont, stressed that gold is on the verge of an important breakout due to economic uncertainties and inflation concerns.
Should anyone now invest in gold?
Gold’s safe havan appeal makes it a favorite property during global uncertainty.
However, high interest rates can reduce its attraction.
Investors should monitor major events such as upcoming Fed meetings on 28â29 January for further signals.
For Indian buyers, the rupee movement against dollars and local demand will affect domestic prices.
Experts recommend using DIPs as opportunities to purchase opportunities while maintaining long -term perspectives.
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