Gold Prices In Big Cities Rally On Jan-24, MCX Gold Hits New Record Rs 80,000; What Is Driving 24K, 22K, 18K?

Gold prices in India witnessed a massive rally on January 24, 2025, with MCX gold futures hitting a new all-time high of Rs 80,000 per 10 grams. The strong bullish trend in gold and silver prices in India is due to a weakening in the dollar after US President Donald Trump's policies, which in return made non-yielding assets like these precious metals attractive. During his World Economic Forum speech at Davos, Trump vowed to ask for lowering interest rates. However, uncertainty remains around Trump's trade plans. Spot gold price neared the $2,780 an ounce level, the highest since October last year which was also when it clocked its last historic high.

Gold Prices In India:

24K gold price surged by Rs 330 on Friday to Rs 82,420 per 10 grams, while 22K gold price was up by Rs 300 to Rs 75,550 per 10 grams. Also, the 18K gold price stood at Rs 61,820 per 10 grams, higher by Rs 250.

Gold Prices In Big Cities:

Gold Prices In Chennai: Here, 18K gold price was at Rs 62,300 per 10 grams, while 24K and 22K gold prices stood at Rs 82,420 per 10 grams and Rs 75,550 per 10 grams.

Gold Prices In Mumbai: 18K gold price is cheaper here to Rs 61,820 per 10 grams, but remained the same at Rs 82,420 per 10 grams in 24K and at Rs 75,550 per 10 grams in 22 K.

Gold prices were also the same in Hyderabad, Kerala, Kolkata, Bangalore, and Pune.

Gold Prices In Delhi: In the national capital, 18K gold price was at Rs 61,940 per 10 grams, while at Rs 82,570 per 10 grams in 24K and at Rs 75,700 per 10 grams in 22 K.

Gold Prices In Surat: In this city, 18K gold price is at Rs 61,860 per 10 grams, Rs 82,470 per 10 grams, and Rs 75,600 per 10 grams in 22K.

Silver Prices In India:

Silver prices in India surged by Rs 1,000 to Rs 97,500 per 1kg, while 1 gram of silver is up to Rs 97.50. The 100-gram silver price is at Rs 9,750 higher by Rs 100.

In cities like Chennai, Hyderabad and Kerala, the silver price is at Rs 1,05,000 per 1kg.

MCX Gold, Silver Prices:

MCX gold price, with February 2025 expiry, touched a new all-time high of Rs 80,034 per 10 grams. Currently, it traded near its day's high to Rs 80,024 per 10 grams, up by Rs 398 or 0.50%.

Meanwhile, MCX silver price climbed to Rs 92,044 per 1kg as an intraday high. The price was up by Rs 858 or 0.94% to trade at Rs 92,007 per 1kg, at the time of writing.

Spot Gold Price:

As per Trading Economics data, Gold rose above $2,770 per ounce on Friday, reaching its highest level since October, just shy of its record high of $2,790, after President Trump called for an immediate reduction in interest rates. This magnified gold's safety appeal, with lower rates making the non-interest-bearing precious metal more attractive. Traders continued to flock to safe-haven assets, remaining cautious amid uncertainty over the impact of Trump's proposed tariffs and immigration policies.

Trading Economics data highlighted a weaker US dollar also supported the upward trend. Meanwhile, investors are closely watching upcoming policy announcements from global central banks. The BoJ is widely expected to raise interest rates on Friday, while the Fed is anticipated to hold rates next week, and the ECB is expected to cut them. For the week, gold is set to mark its fourth consecutive weekly gain.

The price was shy of $2,780 an ounce.

Why Gold Prices Are Up On Friday?

Rahul Kalantri, VP Commodities, Mehta Equities said, gold and silver prices fell on Thursday but began rising again this morning as uncertainty around US President Donald Trump's trade policies weakened the dollar, boosting demand for safe-haven assets. The dollar fell after Trump's comments called for an immediate drop in interest rates while providing no clarity on tariffs, as investors awaited a round of policy announcements from global central banks. Gold's appeal as an inflation hedge may be diminished if Trump's inflationary policies cause the Fed to keep interest rates higher for longer.

Further, Kalantri said, uncertainty surrounded Trump's trade plans, as he stated that tariffs on imports from Canada, Mexico, China, and the European Union would be announced on February 1. Traders and Investors now eye on the Fed meeting which is scheduled on January 28-29.

Looking ahead, Kalantri added, gold has support at $2742-2724 while resistance at $2780-2794. Silver has support at $30.45-30.30 while resistance is at $31.10-31.30. In INR gold has support at Rs 79,470-79,280, while resistance at Rs 79,820-79,980. Sliver has support at Rs 90,570-90,050 while resistance at Rs 91,880-92,670.