Gold Price In India Today, 20th Jan: 22K/100 Grams of Gold Rate Rally Rs 1,500; Silver Price Stable

Gold prices in the domestic market jumped on Monday, January 20, after recent strong U.S. data, such as retail sales, the CPI, and the Federal Reserve's dovish stance. Gold had a modest profit booking on January 20th, the day of Donald Trump's inauguration. Amid continuous geopolitical tensions, gold is expected to rise supported by weaker U.S. inflation and anticipation of more rate cuts from the Federal Reserve.

Gold Rates In India Today

Today, 22 carat gold costs Rs 7,450 per gramme in India, whereas 24 carat gold costs Rs 8,123 per gramme. While 22k of 100 grammes of gold prices in India reached Rs 7,45,000 from Rs 7,43,500 earlier, marking a price hike of Rs 1,500, 22k of 10 grammes of gold will cost Rs 74,500 today compared to Rs 74,350 yesterday, showing a price leap of Rs 150.

While the price of 24k of 100 grammes of gold went up by Rs 1,200 on Monday from Rs 8,11,100 to Rs 8,12,300, 24k of 10 grammes of gold would cost Rs 81,230 in India today compared to Rs 81,110 the day prior, reflecting a price hike of Rs 120.

18k of 10 grams of gold will cost Rs 61,000 compared to Rs 60,830 earlier representing a price jump of Rs 170 whereas 18k of 100 grams of gold rates in India on Monday reached Rs 6,10,000 compared to Rs 6,08,300 earlier representing a price jump of Rs 1,700.

Spot Gold Today

U.S. gold futures fell 0.3% to $2,740.10, according to Reuters, while spot gold was down 0.1% at $2,697.60 an ounce as of 0300 GMT on Monday after dropping 0.5% earlier in the day. Palladium was steady at $947.99, spot silver dropped 0.6% to $30.16 an ounce, while platinum dropped 0.2% to $940.84.

Silver Rates In India Today

In India, the price of silver remained stable today at Rs 96.50 per gramme and Rs 96,500 per kilogramme. Ten grams of silver will cost Rs 965, while the price of 100 grams of silver remained stable at Rs 9,650 on Monday in India.

MCX Silver Outlook

"From a technical perspective, MCX Silver witnessed significant volatility last week and closed with the formation of a doji candlestick pattern on the weekly chart. Currently, MCX Silver is observed consolidating within a symmetrical triangle chart pattern over the weekly time frame which is considered as a bullish continuation chart pattern. On the support and resistance front, MCX Silver may anticipate resistance at 92500/93680 levels and a break above 93680 could lead to further gains at 95000/96500 levels. Conversely, support for the commodity is placed at 91000/89600 levels with a breakdown below 89600 likely to drag prices toward 88200/87000 levels," commented the technical research analysts of Way2Wealth Brokers Pvt. Ltd.

MCX Gold Outlook Today

"On the domestic front, MCX Gold held steady above the 79000 mark and formed a hammer candlestick pattern featuring a bearish body on the daily chart. The commodity experienced a V-shaped recovery on the daily chart with active buyer's participation at every dip, suggesting a positive bias. Sustaining above 79300 level could propel MCX Gold towards 79500/79800, paving the way for new all-time highs at 80200 level. On the downside, support for the commodity is positioned at 78800/78380 levels. Traders are advised to use strict stop-losses, as volatility may remain elevated due to ongoing geopolitical tensions," said the technical research analysts of Way2Wealth Brokers Pvt. Ltd.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns. in advises users to consult with certified experts before making any investment decision.