Gold Prices in India Hold Ground Post Trump’s Inauguration: Check Rates for 24K, 22K, and 18K Gold on Jan 21

Gold prices in India remained stable today, holding at the same levels as the previous session due to a lack of significant market movements. The cautious sentiment followed the inauguration of the U.S. President yesterday, which set a restrained tone in global markets. The U.S. dollar index is currently down by 1%, with market participants closely monitoring the impact of former President Trump's tariff policies, now under scrutiny. These policies are seen as inflationary, which could prompt the Federal Reserve to maintain elevated interest rates as per the Reuters report. Higher interest rates typically reduce the appeal of gold, as they increase the opportunity cost of holding the non-yielding asset.

Gold prices in India

On 21 January 2025, the 22-carat gold rate in India exhibited stability and stood at Rs 74,500 per 10 grams and Rs. 7,45,000 per 100 grams of yellow metal. Similarly, 10 grams of 24k carat yellow metal currently rents at Rs. 81,230, and the 100 grams of 24 carat gold cost Rs. 8,12,300. Just like the 18-carat gold rates in India today, it costs Rs. 61,000 per 10 grams, while 100 g costs Rs. 6,10,000.

Silver rates in India today

Silver prices in India remained stable for the fourth consecutive session today, and the prices mirrored yesterday's rates of Rs. 96,500 per kg. The price of 100 grams of silver was Rs. 9,650.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures, slated to mature on February 5, 2025, jumped higher, trading at Rs. 78,976, witnessing a rise of 0.55% or 432 points. Similarly, silver futures, with an expiry date of March 5, 2025, showed a rise during the trading session. Prices spiked by 0.74% to Rs. 92,120, showing the impact of fluctuating global commodity trends.

International Spot Gold and Silver Prices Update

Spot gold prices experienced an increase of 0.6%, reaching $2,724.74 per ounce as of 0240 GMT on Tuesday. Meanwhile, U.S. gold futures showed a slight decline of 0.2%, settling at $2,742.50 per ounce. Spot silver also edged higher, gaining 0.4% to trade at $30.61 per ounce. The upward momentum in gold prices marked the second consecutive session of gains, primarily driven by a weakening U.S. dollar. A softer dollar makes gold more attractive to buyers holding other currencies, providing support to the precious metal's price.

Market expert insights and outlook on gold prices

As per the commodity research report from WayToWealth. "International gold prices remained above $2,700 per ounce on Monday, supported by inflation expectations, shifts in Federal Reserve policy, and ongoing fiscal uncertainty. On the domestic front, MCX Gold witnessed profit booking around its major supply levels and formed a bearish candle on the daily chart. A breach below the 77950 level could trigger further selling pressure, potentially dragging prices down to the 77600/77100 levels and result in a breakdown of the upward-sloping trendline, which serves as support on the daily chart. On the upside, resistance for MCX Gold is observed at 78750/79200 levels. Sustaining above the 79200 level could propel prices towards 79500/79800, paving the way for a new all-time high at 80200. Traders are advised to maintain strict stop-losses, as volatility may remain elevated due to ongoing geopolitical tensions."