Big Jump In Gold Price In India Today, 29th Jan: 24K/100 Grams of Gold Rate Rally 9,200; Silver Steady

Amid a recovery in the US dollar and in advance of the Federal Reserve's interest rate announcement later today, gold prices on the domestic market today, January 29, saw an abrupt rise. Since today's focus will be on the Fed's interest rate decision, gold gained ground on its attractiveness as a safe haven despite US GDP and inflation figures will be closely watched by investors. On the domestic front, gold prices are anticipated to be erratic as traders consider the most recent tariff fears from President Donald Trump.

Gold Rates In India Today

Today, 22 carat gold costs Rs 7,595 per gramme in India, whereas 24 carat gold costs Rs 8,285 per gramme. In India, the price of 22k of 10 grammes of gold climbed by Rs 850 on Wednesday to Rs 75,950 from Rs 75,10 on Tuesday, while the price of 22k of 100 grammes of gold jumped by Rs 8,500 today to Rs 7,59,500 from Rs 7,51,000 yesterday.

The price of 24k of 10 grams of gold will be Rs 82,850 in India today, up Rs 920 from Rs 81,930 yesterday. Meanwhile, the price of 24k of 100 grams of gold in India on Wednesday became Rs 8,28,500, up Rs 9,200 from Rs 8,19,300 on Tuesday.

In India, the price of 10 grams of gold would cost Rs 62,140 today, up Rs 690 from yesterday's price of Rs 61,450. Meanwhile, the price of 100 grams of gold on Wednesday reached Rs 6,21,400, up Rs 6,900 from Tuesday's price of Rs 6,14,500.

Spot Gold Today

Wednesday saw no change in gold prices as U.S. gold futures gained 0.1% to $2,769.90, while spot gold remained steady at $2,762.49 an ounce as of 0317 GMT, according to Reuters. Platinum was steady at $941, palladium fell 0.8% to $947.27, while spot silver remained constant at $30.38 an ounce.

Silver Rates In India Today

India's silver prices remain stable today. In India, silver is now priced at Rs 96.50 per gramme and Rs 96,500 per kilogramme.

MCX Gold Outlook Today

"From a technical perspective, MCX Gold closed above the crucial 80000 level with the formation of a bullish candle on the daily chart. The commodity established a base around the 79500-80000 levels and witnessed strong lower-level buying, signaling a continuation of the uptrend, with prices likely to advance toward the 80500/81000 levels. On the downside, support for MCX Gold is observed at the 79850/79500 levels. Traders are advised to maintain strict stop losses, as heightened volatility is expected due to the upcoming Fed interest rate decision and ongoing geopolitical concerns," said the technical research analysts of Way2Wealth Brokers Pvt. Ltd.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day, as gold prices held an advance ahead of the Federal Reserve's interest rate decision later Wednesday, with traders also weighing President Donald Trump's latest tariff threats," said the brokerage firm Nirmal Bang Securities Pvt. Ltd.

Disclaimer

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