Gold Price Outlook Today, 20 Jan: 24K/10 Gm Jumps Over Rs 1.47 Lakh, Spot Gold Set To Smash $4,700

Both Spot Gold and MCX Gold continue to trade with a strong bullish bias, bolstered by strong technical momentum and an increasingly uncertain global macro situation, keeping gold prices firmly in the limelight. A weakening US dollar, higher demand for safe havens, new trade-war rhetoric from US President Donald Trump, escalating geopolitical tensions in the Middle East, and political unrest in Venezuela are all boosting spot gold. Simultaneously, MCX Gold reflects this global strength on the charts, displaying a distinct higher-high, higher-low structure and displaying no signs of relaxation.

Gold Rates In India Today

In India, a gram of 24-karat gold costs Rs 14,728, a gram of 22-karat gold costs Rs 13,500, and a gram of 18-karat gold costs Rs 11,046.

In India, the price of 24k of 10 grams of gold climbed by Rs 1,040 to Rs 1,47,280 from Rs 1,46,240 yesterday. In contrast, the price of 24k of 100 grams of gold jumped by Rs 10,400 overnight to Rs 14,72,800 on Tuesday from Rs 14,62,400 on Monday.

On Tuesday, the price of 22k of 10 grams of gold in India jumped by Rs 950 to Rs 1,35,000 from Rs 1,34,050 yesterday. In contrast, the price of 22k of 100 grams of gold in India climbed by Rs 9,500 overnight to Rs 13,50,000 from Rs 13,40,500 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to surge higher, with the trend remaining positive and momentum extremely strong. There are no signs of weakness on the daily chart, and we expect this momentum to continue in the coming trading sessions. Immediate support is placed at 143,300-141,750, while upside resistance is seen at 148,000-150,000. Traders can consider buying MCX Gold for a target of 148,000-150,000. Any sustained weakness below 141,500 would warrant a review of the current view and should be treated as a stop-loss," 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 as US President Donald Trump threats to resurrect trade war with Europe shook investors confidence. US President Donald Trump threatened to slap extra tariffs on 8 European nations until the U.S. is allowed to buy Greenland," said the research analysts of ICICI Securities.

"Investors fear retaliation from European nations should the duties go ahead. Additionally, political instability in Venezuela, geopolitical tensions in Middle East and concerns over Fed independence would continue to support gold prices. Meanwhile, investors will remain cautious ahead of statements from World economic Forum annual meeting," they further added.

Gold & Silver Fundamental Outlook Today

"Gold and silver prices are trading slightly 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 prices are steady near a record high, while silver retreated from an all-time peak, as President Donald Trump's push to take over Greenland stoked fears of a potential US-Europe trade war," commented the technical research analysts of Nirmal Bang Securities.

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