Gold and silver experienced significant volatility following U.S. President Donald Trump’s inaugural speech, though gold prices remained above the $2,700 mark. Trump announced a retreat from imposing tariffs on various nations and reversed several policies of the previous Biden administration. The recent Israel-Hamas ceasefire agreement, coupled with growing prospects for a Russia-Ukraine ceasefire, has eased safe-haven demand for precious metals.
Gold prices retreated from one-month highs, while silver remained stable in international markets. Profit-taking in the dollar index and U.S. bond yields provided support for gold and silver at lower levels. According to Manoj Kumar Jain, Both metals are holding key weekly support levels at $2,634 and $29.50 per troy ounce, respectively.
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According to Manoj Kumar Jain, Director at Prithvi Finmart, gold and silver prices are expected to remain volatile this week due to fluctuations in the dollar index and policy announcements by the Trump administration. He highlighted gold’s support at $2,722–2,700 and resistance at $2,745–2,764 per troy ounce, while silver has support at $30.84–30.50 and resistance at $31.40–31.74 per troy ounce.
On the MCX, gold has support at ₹78,300–78,080 and resistance at ₹78,800–79,000, while silver’s support is at ₹90,750–90,200 with resistance at ₹92,000–92,650. Analysts suggest buying silver around ₹91,100 with a stop loss of ₹90,450 and a target of ₹92,400.
Kedia Commodity Outlook:
Gold trading range: $2,797–2,943
Silver trading range: $30.08–32.68
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Tuesday, January 21, 2025
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07:00 PM (United States): Initial Jobless Claims for the week ending January 18.
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03:00 AM (United States): Fed Balance Sheet data (as of January 22).
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Friday, January 24, 2025
05:00 AM (Japan): Inflation Rate (YoY for December).
08:30 AM (Japan): BoJ Interest Rate Decision and Quarterly Outlook Report.
Gold Price Today 21 January 2025
995-81600 (+100)
23 KT~79500
22 KT~76300
20 KT~69500
18 KT~62800
14 KT~50000
Silver-~93900 (+100)
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
