MCX, spot market gold prices touch lifetime highs ahead of Union Budget
This story was originally published at 13:36 IST on 30 January 2025
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--MCX April gold contract hits lifetime high of INR 81,160/10 grams
--Spot gold hit fresh all-time high of INR 81,006/10 grams in Mumbai
By Sandeep Sinha
MUMBAI – Gold prices on the Multi Commodity Exchange of India and in the spot market scaled new lifetime highs ahead of the Union Budget on Feb. 1. Sentiment towards the yellow metal was lifted by positive cues from COMEX, safe-haven demand, and fresh inflows into gold exchange-traded funds.
At 1300 IST, the most-active April gold contract on the MCX was up 0.4% at INR 81,152 per 10 grams, after hitting an all-time high of INR 81,160. The most-active April gold contract on COMEX was up 0.5% at $2,806.10 per ounce.
The price of 24-carat gold in the spot market in Mumbai hit a lifetime high of INR 81,006 per 10 grams, plus 3% goods and services tax. The price of 22-carat gold was INR 74,202 rupees per 10 grams, and that of 18-carat gold was at INR 60,755 rupees per 10 grams.
The medium-term and long-term trend for bullion has turned positive, as it moved above the 50- and 200-day simple and exponential moving averages and broken the crucial resistance of INR 80,600 per 10 grams, which suggests further upside in prices, analysts said. The yellow metal faces the next hurdle at INR 81,600 per 10 grams, they said.
The discount offered by dealers on the landed price of gold in domestic markets widened to $20.87 an ounce from $16.32 an ounce on Wednesday. The factors that contribute to a premium/discount to the international gold price are dollar/rupee exchange rate, local taxes, import restrictions, and seasonal factors.
"Gold prices continue to inch higher, marking an all-time high on the domestic front amidst President Trump's tariff threat uncertainties, Fed policy meeting and firm dollar index. The US central bank held interest rates steady on Wednesday and its Chair Jerome Powell said the Fed would wait for signs of further progress on inflation, or of laboor market weakness, before it would cut interest rates," said Manav Modi, bullion analyst at Motilal Oswal.
On Wednesday, gold holdings with SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose by 4.30 tonnes to 865.34 tonnes, the second straight day of inflows. The fund has a market value of $76.66 billion.
For further cues, investors will now shift their focus towards data on US GDP, weekly jobless claims, and pending home sales, due later on Thursday. They will also watch track the European Central Bank's policy meeting later in the day. End
US$1 = INR 86.58
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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