Gold price today: Gold rates jumped to their fresh record highs in the domestic futures market on Tuesday, January 27, morning as persisting geopolitical risks continued driving investors to safe-haven assets, while the dollar’s weakness and expectations of rate cuts by the US Federal Reserve added fuel to the rally in the yellow metal.
February futures surged by nearly ₹4,000, or more than 2.4%, to ₹1,59,820 per 10 grams, while March futures surged by more than ₹25,000, or 7.5%, to a record high of ₹3,59,800 per kg.
International gold prices also hovered near record highs, supported by geopolitical uncertainties and the dollar’s fall against its peers.
US gold futures April contracts rose by a per cent to $5,113.70 per troy ounce.
The dollar index declined by 0.10%, making bullion cheaper in overseas currencies. The dollar weakened amid renewed fears of a government shutdown in the US and US President Donald Trump’s new tariff threats.
Trump on Monday threatened that he would raise automobiles, lumber, and pharmaceuticals imports to 25%.
Earlier on Saturday, Trump warned of a 100% tariff if it makes a deal with China.
Amid all the geopolitical noise, investors focus on the Federal Reserve policy outcome on Wednesday.
The Federal Open Market Committee (FOMC) meeting is scheduled for January 27-28. The central bank is expected to hold interest rates steady. However, hopes are high that the Fed will cut rates at least twice this year.
Apart from the monetary policy, the Fed remains in focus due to the US administration’s criminal investigation of Fed Chair Jerome Powell and the upcoming nomination of Powell’s successor as his term ends in May.
“Gold and silver prices surged sharply, breaching $5,100 and $110, respectively, as investors accelerated their shift toward safe-haven assets. Heightened geopolitical risks and renewed trade tensions—particularly President Trump’s threat to raise tariffs on South Korean imports—weighed on global market sentiment,” Rahul Kalantri, VP of commodities at Mehta Equities, noted.
“Market focus has now shifted to the upcoming Federal Reserve decision, although speculation around political pressure on the central bank continues to dominate. These developments have strengthened the debasement trade, triggering strong inflows into silver and other precious metals,” Kalantri said.
Gold and silver: Key levels to watch
According to Kalantri, gold has support at $5,000 and $4,915, while resistance is at $5,120 and $5,200. Silver has support at $107.10 and $104.75, while resistance is at $113.15 and $115.
In INR, gold has support at ₹1,57,050 and ₹1,55,310, while resistance is at ₹1,59,850 and ₹1,62,950. Silver has support at ₹3,38,810 and ₹3,22,170, while resistance is at ₹3,55,810 and ₹3,62,470, said Kalantri.
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold and silver on dips until gold closes above ₹1,53,500 and silver closes above ₹3,26,000. Jain expects gold to hit ₹1,65,000 and silver to reach ₹3,65,000 in the upcoming sessions.
According to Jain, gold has support at $5,074 and $5,035, while resistance is at $5,145 and $5,180 per troy ounce, and silver has support at $108 and $101.50, while resistance is at $118.00 and $123.00 per troy ounce in today’s session.
MCX gold has support at ₹1,54,800 and ₹1,53,300, and resistance is at ₹1,58,800 and ₹1,61,500, while silver has support at ₹3,26,000 and ₹3,16,600 and resistance is at ₹3,48,000 and ₹3,65,000, said Jain.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, MCX gold February futures may rise to ₹1,60,000 per 10 grams as the global trends support bullishness in the counter.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.