MCX Gold Price, Comex Gold Price, Silver Price: Gold prices soared to a record high of $2,850 per troy ounce on COMEX futures, while silver also gained momentum. In the domestic market, gold April futures settled at ₹82,044 per 10 grams on MCX in the night session. The renewed uncertainty following Trump’s tariff threats on Mexico, Canada, and China has fueled safe-haven demand for gold.
Trump Confirms Tariffs on Mexico, Canada & China
President Donald Trump reiterated his plan to impose 25% tariffs on imports from Canada and Mexico starting February 1, citing concerns over trade deficits and the fentanyl crisis. Speaking from the Oval Office, he emphasized that these tariffs were part of broader economic measures.
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Trump said ”With China, I’m also thinking about something because they’re sending fentanyl into our country, and because of that, they’re causing us hundreds of thousands of deaths. So China is going to end up paying a tariff also for that, and we’re in the process of doing that.”
Gold & Silver Surge on Weak U.S. Data and ECB Rate Cut
Precious metals surged on Thursday following disappointing U.S. economic data and an ECB rate cut.
- U.S. Pending Home Sales fell by -5.0% in December, significantly missing expectations of a 4.0% increase.
- U.S. Q4 GDP came in at 2.3%, lower than the expected 2.7% and the previous 3.1% reading.
- ECB cut interest rates by 25 basis points, further boosting gold prices.
In response, gold prices hit record highs, while silver reached an 8-week high in international markets.
Market Performance on Thursday
🔹 International Market:
- Gold (April futures): $2,845.20 per troy ounce ⬆️ 1.85%
- Silver (March futures): $32.493 per troy ounce ⬆️ 3.50%
🔹 Domestic Market (MCX):
- Gold (April futures): ₹82,044 per 10 grams ⬆️ 1.45%
- Silver (March futures): ₹93,446 per kg ⬆️ 1.72%
MCX Technical Outlook
📌 Manoj Kumar Jain, Director at Prithvi Finmart, expects continued volatility due to fluctuations in the dollar index and global financial markets ahead of the U.S. Core PCE Price Index data.
📊 Key Levels:
- Gold (International):
- Support: $2,828-$2,800
- Resistance: $2,862-$2,884
- Silver (International):
- Support: $32.00-$31.70
- Resistance: $32.80-$33.20
- Gold (MCX):
- Support: ₹81,660-₹81,325
- Resistance: ₹82,480-₹83,000
- Silver (MCX):
- Support: ₹92,800-₹92,220
- Resistance: ₹94,200-₹95,000
📢 Jain’s Trading Recommendation:
🔹 Buy Silver around ₹92,800 with a stop loss of ₹92,000 for a target of ₹94,400.
Key Events to Watch This Week
Friday, January 31, 2025
07:00 PM (US): Core PCE Price Index MoM (DEC),
07:00 PM (US):Personal Income MoM (DEC),
07:00 PM (US):Personal Spending MoM (DEC), ‘
07:00 PM (US): PCE Price Index MoM (DEC)
Saturday, February 1, 2025
US: Trump Tariff Orders
11 AM India: Budget Announcement
India: MCX Open for Gold, Silver Trading
With increasing global uncertainty, gold and silver remain key safe-haven assets, and volatility is expected to persist in the near term.
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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
