The price of gold continues to surge at peak levels amid geopolitical tensions and hopes of another Fed rate cut. The spot price on Comex was $4,603.80 on January 15 (03:06 am GMT), representing a 0.69 percent decline from its previous close. The price of precious metal surged to an all-time high at $4,648 on January 14.
On MCX, the futures price closed the Wednesday session at Rs 1,43,201 for 10 grams of 24-carat purity, representing 0.67 percent increase from its previous close at Rs 1,42,241. The domestic price of gold peaked at Rs 1,43,590 on January 14.
"Gold traded with strong positive momentum as geopolitical uncertainty resurfaced after peace talks between the US and Iran were reportedly cancelled, reviving safe-haven demand. MCX gold gained nearly Rs 1,000 to trade around Rs 1,43,300, while Comex gold rose $48 to $4,635. The underlying trend remains firmly positive amid elevated global risk sentiment, with gold expected to stay volatile within a higher range of Rs 1,41,000-Rs 1,45,500 in the near term," said Jateen Trivedi, VP Research Analyst (Commodity and Currency) at LKP Securities.
Gold prices vary by purity.
Check out below to see the prices of gold based on its purity:| Gold Purity | Price (Rs) |
|---|---|
| 10 Grams of 24K Purity | 1,44,010 |
| 10 Grams of 22K Purity | 1,32,010 |
| 10 Grams of 18K Purity | 1,08,010 |
| Source: Goodreturns | |
City-wise gold prices in India today
Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.
| City | 24K (per gram) Rs | 22K (per gram) Rs | 18K (per gram) Rs |
|---|---|---|---|
| Chennai | 14,489 | 13,281 | 11,081 |
| Mumbai | 14,401 | 13,201 | 10,801 |
| Delhi | 14,416 | 13,216 | 10,816 |
| Kolkata | 14,401 | 13,201 | 10,801 |
| Bangalore | 14,401 | 13,201 | 10,801 |
| Hyderabad | 14,401 | 13,201 | 10,801 |
| Kerala | 14,401 | 13,201 | 10,801 |
| Pune | 14,401 | 13,201 | 10,801 |
| Vadodara | 14,406 | 13,206 | 10,806 |
| Ahmedabad | 14,406 | 13,206 | 10,806 |
| Source: Goodreturns | |||
Outlook: Will gold continue its momentum?
The Augmont Bullion report, published on January 13, noted that gold has decisively broken above its earlier resistance at $4,570, opening the door to higher levels. The next key targets are $4,745–4,750 (78.6% Fibonacci extension, Rs 1,46,000) and $4,966–4,970 (100% Fibonacci extension, Rs 1,52,500).
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