Gold prices rose by ₹229 to ₹78,333 per 10 grams in futures trade on Friday (January 10). Analysts attributed the price rise to fresh buying by participants.
In global markets, gold futures in New York fell 0.33% to $2,676.01 an ounce.
Despite this, domestic prices showed resilience due to local demand and investor interest.
Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services, said gold has gained 1.3% this week despite a strong US dollar.
“Safe-haven buying ahead of January 20, the day Donald Trump takes office, has supported prices,” he said.
Mer said fresh interest from ETF investors and US employment data are the key focus areas.
Technically, Mer sees support levels for gold at ₹78,000 per 10 gram and ₹77,750 per 10 gram, while resistance is at ₹78,500 per 10 gram and ₹78,700 per 10 gram.
Renisha Chainani, head of research at Augmont, highlighted safe-haven demand driven by concerns over Donald Trump’s proposed policies and economic uncertainties.
“Gold continues to benefit from market nervousness and potential policy changes,” she said.
Gold has touched the target of ₹78,000 per 10 gram and can now reach ₹79,000 per 10 gram, which is equivalent to $2,720 per ounce in international markets.
As the market eyes US non-farm payrolls and consumer sentiment data, the trend for gold remains positive in the near term.
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