Gold Outlook Today, 12th Jan: Big Rally In Domestic Gold Rates, Spot Gold Eyes $4,620; MCX Gold Technicals Fav

On Monday, January 12, gold rates in India saw an enormous spike. Gold prices are once again in the spotlight as both MCX Gold and Spot Gold exhibit indications of strength amid an encouraging mix of technical and global macro factors. Due to growing global tensions and policy uncertainty, Spot Gold is profiting from the weakening US dollar and a rise in demand for safe havens. MCX Gold is still in a clear uptrend on the domestic front, supported by solid technical support close to key moving averages. Together, these domestic technical cues and global risk factors are creating a compelling backdrop for gold prices, positioning both MCX and Spot Gold favourably in the near term.

Gold Rates In India Today

Today, the price of gold in India jumped to Rs 10,661 per gram for 18 carat gold, Rs 13,030 per gram for 22 carat gold, and Rs 14,215 per gram for 24 carat gold. 24k of 100 grams of gold would cost Rs 14,21,500, which was Rs 14,04,600 yesterday, indicating an overnight rise in price of Rs 16,900. Gold prices in India today for 24k of 10 grams reached Rs 1,42,150, which was Rs 1,40,460 yesterday.

The price of 22k of 10 grams of gold in India reached Rs 1,30,300 today, up from Rs 1,28,750 yesterday. As a consequence, the price of 22k of 100 grams of gold in India jumped by Rs 15,500 from Rs 12,87,500 yesterday to Rs 13,03,000 on Monday.

The price of 18k of 10 grams of gold in India today is Rs 1,06,610, up from Rs 1,05,340 yesterday, a price rise of Rs 1,270. Therefore, on Monday, 18k of 100 grams of gold in India will cost Rs 10,66,100, up from Rs 10,53,400 yesterday, a price gain of Rs 12,700 overnight.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to remain in an uptrend, with the overall structure staying bullish. The 10 and 20 DEMA lines have acted as strong support zones, and this trend is expected to continue going forward. Traders may add small positions on dips near the 10 and 20 DEMA lines and look to sell at swing highs. Immediate support is placed at 137700- 135,700, while resistance is seen at 140,400. Traders can buy MCX Gold near the support levels for a target of 139,140-140,400. Any close below 137,300 would be negative and would warrant a review of the current view," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

"MCX Gold Feb is expected to rise towards ₹141,500 level as long as it stays above ₹139,000 level," commented the research analysts of ICICI Securities.

Spot Gold Outlook Today

"Spot Gold is likely to trade with the positive bias and rise further towards $4620 level on weak dollar. Further, demand for safe haven may increase as geopolitical tensions remained elevated due to unrest in Iran, escalation in fighting between Russia and Ukraine and US renewed signals over taking control of Greenland after capture of Venezuela's President Nicolas Maduro," commented the research analysts of ICICI Securities.

"Further, uncertainty over tariffs persist as Supreme Court deferred on the legality of President Trump's tariffs. Largest risk would be if the government is ordered to refund the tariff. Moreover, US President Donald Trump said he is ordering his representatives to buy $200 billion in mortgage bonds to bring down housing cost, seems like quasiquantitative easing," they further added.

Gold & Silver Rates Fundamental Outlook Today

"Gold and silver prices are trading higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day; as gold and silver prices jumped to a record high as the US Justice Department threatened the Federal Reserve with a criminal indictment, reviving concerns over its independence, while intensifying protests in Iran also kept geopolitical tensions elevated," commented the technical research analysts of Nirmal Bang Securities.

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