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Gold Rate in India Today, Jan 5: 24K, 22K Prices Surge as US-Venezuela Crisis Sparks Buying; Silver Rallies
Gold
rate
in
India
today
saw
a
strong
jump
after
a
fall
seen
on
the
weekend.
Over
the
last
week,
24-karat
gold
rates
in
India
had
dropped
sharply
by
more
than
4%,
slipping
from
record-high
levels.
But
today,
gold
prices
in
India
bounced
back,
and
there's
a
big
reason
behind
this
sudden
change.
The main reason for the rise in gold prices is global tension caused by the US-Venezuela conflict that arose on Jan 3rd.
On Saturday, US President Donald Trump announced that the United States has captured Venezuelan President Nicolas Maduro, which escalated geopolitical tensions and lifted safe-haven demand. This sudden demand pushed spot gold prices up by almost 2% as the market opened today. If global tensions remain high, gold prices in India could continue to rise.
Gold Rate in India Today
As of January 5th Monday, 24-carat gold rates in India surged by Rs. 1580 per 10 grams to cost Rs. 1,37,400. While the 22-carat gold price in India jumped massively by Rs.1450 per 10 grams, to cost Rs. Rs. 1,25,950. Just like that, the 18-carat gold rates spiked by Rs. 1,180 to retail at Rs. 1,03,050 per 10 grams.
Similarly, 100 grams of 24-carat gold rates now retail at Rs 13,74,000, and the 22-carat gold rates per 100 grams now cost Rs 12,59,500.
Silver prices in India today
Silver rates in India today also jumped after yesterday's stability. On the 5th of January, 1 kg of silver in India cost Rs. 2,47,000 after rising by Rs. 6,000. While 100 g of silver rates in India retail at Rs 24,700, which jumped by Rs 600.
City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India
The latest gold prices for 22-carat and 24-carat gold in major Indian cities are similar to national gold prices today.
The current 24-carat gold price in Chennai is Rs. 1,38,330 per 10 grams, while the 22-carat gold price in Chennai stands at Rs.1,26,800 per 10 grams.
As of today, the 22-carat gold rate in Bangalore stands at Rs. 1,25,950. per 10 grams, whereas the 24-carat gold rate in Bangalore is Rs. 1,37,400 per 10 grams.
The 22K gold price in Hyderabad is Rs. 1,25,950. per 10 grams, while the 24K gold price in Hyderabad is Rs. 1,37,400 per 10 grams.
The 22-carat gold in Mumbai is Rs. 1,25,950. per 10 grams, whereas the 24-carat gold price in Mumbai stands at Rs. 1,37,400 per 10 grams.
MCX Gold Price and Silver Price
Currently, gold futures prices on the MCX, which are going to mature on February 5th, are trading at Rs.1,37,299 jumping 1.13%. Similarly, silver futures prices set to mature on March 5th, are trading at Rs. 2,42,995 with a rise of 2.83%.
Gold Prices Target and Outlook This Week
"Gold prices climbed over 1% to near $4,400 per ounce as geopolitical tensions stemming from US action in Venezuela boosted safe-haven demand, while markets also await key US data and Fed signals on interest rates." As per the Way to Wealth Commodity Report
"On the technical front, MCX Gold has witnessed its first major dip in the recent past and is now trading near its crucial 20 DEMA momentum support zone. Any break below the 20 DEMA line could invite further selling pressure. Over the last four sessions, prices have been consolidating in a very narrow range, indicating a lack of momentum. However, the broader trend continues to remain positive. Immediate resistance is placed at 140,440, while support is seen at 134,300. Since the trend remains bullish, traders can consider buying MCX Gold near 135,000 for a target of 139,400, with a stop-loss placed below 133,950. " the report further added.
Spot Gold Price and Spot Silver Rate
According to the latest report from Reuters,As of 0312 GMT, spot gold climbed 1.9% to $4,411.14 per ounce, a one-week high. U.S. gold futures for February delivery gained 2.1% to $4,419.90. Meanwhile, Spot silver added 4.4% to $75.82 per ounce."
Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.
Credit: Goodreturns
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