Gold Price Outlook Today: Huge Rally In India’s Gold Rates, Spot Gold Eyes $4,700; MCX Gold Trend Still Up

As technical strength and global uncertainty continue to bolster the bullish sentiment in both domestic and foreign markets, gold prices have reached a pivotal period. In light of the falling US dollar and growing demand for safe havens amid increasing concern regarding a trade war between the US and Europe, spot gold is trading with a positive bias. Despite occasional periods of profit booking, MCX Gold is continuing its strong upward trajectory domestically, reflecting the strength of the global market. Due to strong underlying momentum and ongoing buying at lower levels, the metal is still trading above key short-term moving averages.

Gold Rates In India Today

Today, 24 carat gold costs Rs 14,569 per gram, 22 carat gold costs Rs 13,355 per gram, and 18 carat gold costs Rs 10,927 per gram in India. In India, the price of 24k of 10 grams of gold climbed by Rs 1,910 to Rs 1,45,690 on Monday from Rs 1,43,780 yesterday. In contrast, the price of 24k of 100 gms of gold jumped by Rs 19,100 overnight to Rs 14,56,900 today from Rs 14,37,800 yesterday.

In India, the price of 22k of 10 grams of gold soared by Rs 1,750 to Rs 1,33,550 today from Rs 1,31,800 yesterday, while the price of 22k of 100 grams of gold jumped by Rs 17,500 overnight to Rs 13,35,500 on Monday from Rs 13,18,000 yesterday.

Gold prices in India today for 18k of 10 grams reached Rs 1,09,270 which was Rs 1,07,840 yesterday representing a price jump of Rs 1,430 whereas 18k of 100 grams of gold rates in India today reached Rs 10,92,700 which was Rs 10,78,400 yesterday representing a price jump of Rs 14,300 overnight.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to remain in an uptrend despite the last two sessions of negative price action. It is trading above the 10 and 20 DEMA lines, with a bullish higher-high and higher-low structure, indicating a positive trend and strong momentum. There are no signs of any major weakness as of now. Immediate support lies at 141220-140800, while resistance is seen at 144500-148000-150900. Traders can buy MCX Gold for targets of 144500, 148000, and 150900. Sustained weakness below 140250 will warrant a review of the current view," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Spot Gold Outlook Today

"Spot Gold is likely to trade with the positive bias and rise further towards $4700 level on weak dollar. Further, demand for safe haven may increase on concerns over trade war between US and Europe. US President Donald Trump threatened to slap extra tariffs on 8 European nations until the U.S. is allowed to buy Greenland. Trump said he would impose additional 10% import levies from February 1 on goods, rising to 25% on June 1 if no deal is reached," commented the research analysts of ICICI Securities.

"France has proposed to respond to the threats with a range of untested economic countermeasures. Additionally, political instability in Venezuela, geopolitical tensions in Middle East and concerns over Fed independence would continue to support gold prices," they further added.

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