Gold prices rose on January 21, with MCX Gold for February 5 expiry trading at Rs 79,023 per 10 grams, up 0.61 percent. Meanwhile, silver followed suit, with March contracts trading at Rs 92,165 per kg, marking an increase of 0.79 percent. The soft US dollar and policy expectations following the return of Donald Trump as US President contributed to the economic development.
A weak dollar fuels the appeal of gold
Gold prices gained as the US dollar weakened amid speculation about Trump’s tax plan. “Gold is supported at $2,722-$2,700, with resistance at $2,745-$2,764 per troy ounce,” said Manoj Jain of Prithvifinmart Commodity Research. He stressed that the reduction of the need for a safe haven due to the improved geopolitical conditions, such as the Israel-Hamas ceasefire talks and the withdrawal talks between Russia and Ukraine, may reduce the gains.
Weekly Outlook
Jain expects volatility in gold and silver prices amid fluctuating dollar index rates and Trump administration announcements. On the domestic front, MCX Gold has strong support at Rs 78,300-78,080, with resistance at Rs 79,000. For silver, support is at Rs 90,750-90,200, while resistance is between Rs 92,000-92,650.
Strategy for millionaire investors
Jain recommends a buy strategy for silver, advising an entry near Rs 91,100 with a stop loss of Rs 90,450 with a target price of Rs 92,400. “The short-term outlook for gold remains positive, but maintaining high rates will depend on continued dollar weakness and further Fed rate cuts,” he added.
Key drivers ahead
Investors should keep an eye on Trump’s policy updates, the dollar index, and the Bank of Japan’s upcoming interest rate decision on January 24. Technical analysis suggests gold holdings above Rs 78,500 indicate a strong near-term trend.
Next week promises high volatility, gold and silver ready to test their key support and resistance levels. Experts advise cautious trading, given the unpredictable country and economic developments.
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