Gold Price Today: Yellow metal hits new peak of Rs 80,413 amid US Fed buzz, AI fears
The Indian rupee’s continued depreciation against the US dollar has further fueled gold’s upward trajectory.
![Gold Price Today: Yellow metal hits new peak of Rs 80,413 amid US Fed buzz, AI fears](https://cdn.zeebiz.com/sites/default/files/2025/01/29/348692-gold7.png?im=FitAndFill=(1200,900))
Gold rate surges on safe-haven demand MCX gold price hit a fresh high of Rs 80,413 per 10 gm during early trades on Wednesday as investor sentiment strengthened ahead of the US Fed meeting. The February 2025 gold futures opened at Rs 80,325 on the Multi Commodity Exchange (MCX) and quickly surged past its previous peak of Rs 80,312.
Key triggers driving gold prices Gold’s rally is being fueled by multiple global and domestic factors. The possibility of a US Fed rate cut, speculated after Donald Trump’s lower interest rate comments at the World Economic Forum, has weakened the US dollar index to around 107 from 110 levels. Additionally, market jitters over the DeepSeek AI model have pushed investors towards safe-haven assets like gold.
Jateen Trivedi, VP Research Analyst – Commodity & Currency at LKP Securities, highlighted, “Gold remains in focus as the US Fed meeting outcome and India's Union Budget 2025 are key events that could bring volatility. Prices have near-term support at Rs 79,000 and resistance at Rs 80,600.”
Weak rupee adds domestic pressure The Indian rupee (INR) remains under scrutiny as importer demand for US dollars (USD) rises. Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, noted, “USD-INR spot price is expected to trade between Rs 86.30 and Rs 86.80 as market participants await the FOMC meeting outcome.”
Gold price outlook: What’s next? Analysts suggest that if gold crosses the Rs 80,500 resistance level, it could climb to Rs 81,200 per 10 gm in the near term. Sugandha Sachdeva, Founder of SS WealthStreet, said, “Gold’s technical breakout above Rs 80,500 could push prices further, with a strong support base around Rs 79,000.”
With macroeconomic uncertainties and AI-driven market risks, gold remains a preferred safe-haven asset, with investors closely watching the US Fed’s next move.
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01:27 PM IST