Gold Prices In India Weekly Outlook: How Will 24K, 22K, 18K Gold Prices Perform From January 26-31

Gold prices in India recorded one of the best weeks in many months, taking the overall performance to nearly 6% upside in January 2025 so far. The uptrend is likely to continue even in the week ahead, with MCX gold price estimated to range between Rs 78,900 to a new high of Rs 81,000 per 10 grams, if touched. Haven assets like gold gained momentum after US President Donald Trump's policies dampened sentiments in the dollar whose weekly performance dipped by 1%, the worst hit in two months.

Gold Prices In India:

The price of 24 K gold in India is Rs 82,420 per 10 grams, while the prices of 22K and 18K gold are Rs 75,550 per 10 grams and Rs 61,820 per 10 grams, respectively. The cheapest price of gold in India is currently Rs 7,555 per gram for 22-karat gold and Rs 8,242 per gram for 24-karat gold (also called 999 gold), while the cheapest 18 K is Rs 6,182 per 1 gram.

So far in January 2025, 22K and 24K gold prices have climbed by 5.7%. They are at their highest price level of the month.

Silver Prices In India:

The price of silver in India is currently Rs 97,500 per 1kg, while the cheapest silver is Rs 97.50 per 1 gram. In many cities like Chennai, Kerala, and Hyderabad, the silver price is Rs 1,05,000 per 1kg.

In January 2025, silver outperformed gold with gains of 7.73% so far.

MCX Gold, Silver Prices:

On January 24th, MCX gold touched a new record high of Rs 80,312 per 10 grams before ending at Rs 80,0002 per 10 grams. Meanwhile, MCX's silver price rose to hit an intraday high of Rs 92,638 per 1kg, before ending in green at Rs 91,68 per 1kg.

Spot Gold Price:

As per Trading Economics data, gold rose above $2,770 per ounce on Friday, reaching its highest level since October, and just shy of its record high of $2,790, amid a weaker dollar and after President Trump called for a reduction in interest rates. Speaking via video to a gathering of global leaders at the World Economic Forum in Davos, Trump delivered a broad policy speech in which he did not explicitly mention the Federal Reserve but made it clear that he would advocate for lower interest rates.

Also, the data added, traders continued to flock to safe-haven assets, amid uncertainty over the impact of Trump's proposed tariffs and immigration policies. Meanwhile, investors are closely monitoring policy announcements from global central banks. The BoJ raised its interest rates as expected 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.

Gold Prices Weekly Outlook:

In its weekly outlook report, SMC Global Securities said, gold prices surged to near three-month highs, marking a fourth consecutive weekly gain, supported by uncertainty surrounding U.S. President Donald Trump's tariff plans and his calls to lower interest rates. The dollar weakened over 1% this week, its worst performance in two months, making gold cheaper for foreign buyers and boosting demand for the precious metal.

SMC's note added, that Trump's lack of clarity on tariffs and his push for immediate rate cuts have driven investors toward safe-haven assets like gold to hedge against market volatility. Adding to the market dynamics, the Bank of Japan raised interest rates to their highest levels since the 2008 financial crisis, while the Federal Reserve is meeting on Jan. 28-29 amid continued economic growth and declining inflation, but faces uncertainties from Trump's proposed policies that analysts see as inflationary.

Furthermore, SMC's note said, "Traders expect no rate cut from the Fed, according to the CME Group's FedWatch Tool. However, the ECB is anticipated to cut rates. The BoJ is likely to maintain its hawkish stance further. Trump also proposed imposing tariffs of 25% on Canada and Mexico and 10% on China starting February 1, with possible tariffs on European imports, though no specifics were provided."

In the week ahead, SMC's note said, "On COMEX, gold is trading near $2,800, with $2,720 acting as support. A breakout above $2,800 could pave the way for fresh highs. Silver is expected to trade between $28.90 and $33.00. On MCX, gold prices may move in the range of Rs. 78,900-81,000, while silver could trade between Rs. 90,000 and Rs. 94,900. Despite rising interest rates, gold remains a favoured safe-haven asset amid economic and geopolitical uncertainties."