U.S. President Donald Trump has reiterated his call for lower interest rates during his speech at the World Economic Forum (WEF) in Davos. In a separate interview with Fox News host Sean Hannity, Trump suggested that he may not impose tariffs on China, a statement that fueled a rally in gold and silver prices. As a result, gold prices surged to near-record highs, with Comex futures trading around $2,780 per ounce, while spot prices climbed to $2,772 per ounce. In the domestic market, gold prices on MCX crossed the Rs 80,000 level, and silver prices also posted gains.
Despite the Bank of Japan’s (BOJ) recent interest rate hike, which saw short-term rates rise by 25 basis points to 0.5% — the highest in 17 years — the market largely overlooked this development. The yen strengthened, and the dollar weakened, yet gold prices continued their upward trajectory.
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In his remarks, Trump emphasized his positive relationship with Chinese President Xi Jinping and expressed hope for amicable trade relations. Earlier in the week, Trump had hinted at a potential 10% increase in tariffs on Chinese imports starting February 1. However, in his recent statement, he downplayed the likelihood of such measures, stating, “We have one very big power over China, and that’s tariffs, and they don’t want them. But I’d rather not have to use it.”
China’s Ministry of Commerce responded, stating that it remains in communication with U.S. authorities regarding economic and trade matters.
Trump also took aim at the Federal Reserve, stating his intention to push for immediate interest rate cuts. “I’ll demand that interest rates drop immediately,” he declared, adding that rates should decrease globally to match the U.S. economic strategy.
Meanwhile, the Bank of Japan’s decision to hike interest rates signaled optimism about the country’s economic outlook and wage growth potential. The BOJ board raised inflation forecasts and pledged to continue rate hikes if necessary. However, BOJ Governor Kazuo Ueda warned of uncertainties arising from Trump’s trade policies.
Market analysts believe that the combination of Trump’s dovish stance on tariffs and his push for lower interest rates will continue to support gold prices. Investors are closely watching upcoming developments, particularly regarding U.S.-China trade negotiations and Federal Reserve policy decisions
According to Manoj Kumar Jain, gold and silver are holding key support levels of $2,634 and $29.50 per troy ounce, respectively, in the international markets. Gold has support at $2,750-$2,734, with resistance at $2,778-$2,794 per troy ounce, while silver has support at $30.55-$30.30 and resistance at $31.10-$31.40 per troy ounce. On MCX, gold has support at Rs 79,330-79,080 and resistance at Rs 79,850-80,080, while silver has support at Rs 90,450-89,700 and resistance at Rs 92,000-92,650.
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Gold Price Today 24 January 2025
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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
