Gold Prices Today (Jan 28) Break The Roof, Check 22K And 24K Rates In Your City

24K & 22K Gold Price Today: Gold prices climbed to a fresh record on Wednesday, tracking a sharp rally in silver and supported by a weaker US dollar and strong safe-haven demand.

Gold futures also witnessed strong buying interest. MCX gold February contracts rose Rs 4,730, or 3 per cent, to touch a fresh lifetime high of Rs 1,62,429 per 10 grams.

Analysts said bullion prices continued their upward momentum amid a sharp fall in the US dollar, heightened geopolitical tensions and sustained investor demand for safe-haven assets.

Gold prices overseas mirrored the rally. Comex gold futures for February delivery rose USD 168.5, or 3.31 per cent, to a new record of USD 5,251.1 per ounce.

Gold crossed the $5,200 mark for the first time after gaining more than 3 per cent in early trade, as the dollar slipped to near four-year lows amid ongoing geopolitical concerns and ahead of the US Federal Reserve’s monetary policy decision, said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd.

Modi said the US dollar was facing a crisis of confidence after President Donald Trump remarked that the currency’s value is “great,” triggering further selling pressure and lifting bullion prices.

On the macro front, US data showed consumer confidence fell to its lowest level in over 11 years in January, weighed down by concerns over a softening labour market and elevated prices. Trump also said he would soon announce his nominee for the next US central bank chief and predicted interest rates would fall once the new chair takes charge.

Traders noted that Gold Rates in India  rallied, with Gold prices in Delhi and other key metros reflecting the latest rise.

Gold Rates Across Major Cities In India On Jan 28