Precious metal prices (Jan 15): Gold, silver prices gain mirroring international trend; MCX gold nears Rs 78,400/10 gm
Ahead of the US CPI print later today, gold and silver prices traded with modest gains.
Precious metal prices (January 15, 2025): Gold prices were up in Wednesday's session (January 15) mirroring gains in the international markets. On the MCX, gold February futures at around 11:05 am traded higher by 0.18 per cent or Rs 138 at Rs 78,294 per 10 gm.
"Key upcoming events such as the U.S. CPI data and Donald Trump’s oath-taking ceremony are expected to act as critical triggers for gold's movement," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
International gold futures
Internationally, gold Feb futures traded higher by 0.35 per cent at $2,691.75 per ounce.
Silver March futures on MCX
Meanwhile, silver March futures also edged higher and was last up 0.14 per cent at Rs 90,685. At the day's high, silver prices topped Rs 90,860 per kg level.
Gold, silver price movement on Tuesday
Gold and silver traded steady on Tuesday amid profit-taking in the dollar index from their highs and easing U.S. 10-year bond yields.
Lower US PPI and core PPI print supported precious metal prices
The US PPI and core PPI data released on Tuesday was also cooler than expected and supported precious metal prices. The US PPI for December month came up at 0.2 per cent on a monthly basis against expectations of 0.4 per cent while the core PPI remained unchanged against expectations of 0.2%.
US CPI inflation in focus
The bullion market is meanwhile tracking the US CPI data that will be released later today, offering insights into the Fed's interest rate path going ahead.
Safe-haven demand to be limited
The recent media reports suggests that the Israel and Hamas are close to sign ceasefire deal and it includes release of Israeli hostages by Hamas and could limit safe-haven demand for precious metals.
Gold price outlook
We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the U.S. inflation data, said Manoj Jain of Prithvi Finmart.
Support and resistance levels- gold and silver
Gold has support at $2666-2650, while resistance at $2696-2722 per troy ounce and silver has support at $30.04-29.80, while resistance is at $30.60-30.88 per troy ounce in today’s session.
Support and resistance levels on MCX- gold and silver
At MCX, gold is having support at 77950-77720 and resistance at 78400-78660 while silver is having support at 89950-89220 and resistance at 91100-91750.
Trading strategy
We suggest wait for some stability in the markets for initiating fresh long positions, noted Jain.