Gold prices rise today: Key things investors should know

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Gold prices edged up by ₹61 to ₹77,592 per 10 grams on Wednesday (January 8) in futures trading, supported by fresh positions from speculators and steady demand in the spot market.

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Globally, gold prices also saw a slight uptick.

In New York, gold futures gained 0.10% to trade at $2,651.27 per ounce.

Central bank purchases continue to support gold prices. In November 2024, global central banks added 53 tons to their reserves.

The Reserve Bank of India (RBI) increased its gold holdings by 8 tons last month, bringing its total purchases for the year to 73 tons.

This cements India’s position as the second-largest buyer of gold in 2024, following Poland.

China also expanded its reserves, adding 5 tons in November, signaling rising demand amid ongoing global economic uncertainty.

“Central bank buying remains a crucial driver for gold markets, reflecting strong confidence in the metal amid economic concerns,” said Renisha Chainani, Head of Research at Augmont.

Statements by former US President Donald Trump on tariffs and geopolitical issues have bolstered the US dollar, capping gold’s gains.

Meanwhile, investors are eyeing the upcoming US nonfarm payrolls report on Friday.

Weak data could fuel expectations of Federal Reserve interest rate cuts in 2025, offering further upside to gold.

As per Chainani, gold prices are attempting to establish a base around $2,600–$2,620 per ounce (₹76,000–₹76,500 per 10 grams) levels.

Analysts predict an upward trajectory, with targets of $2,680 per ounce (₹78,000 per 10 grams) and $2,720 per ounce (₹79,000 per 10 grams).

With central bank buying and economic uncertainties supporting prices, gold remains a favorable option for investors.

Experts recommend buying on dips to capitalise on potential gains.

-With agencies inputs

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