Gold prices in India is likely to be influenced international prices after Donald Trump’s inauguration day where he signed eight executive orders. However, concrete changes are yet to be announced especially related to US trade policy. Yesterday, 24K, 22K, and 18K gold prices climbed ahead of Trump’s inauguration with dollar index witnessing sour mood.
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Gold Prices In India:
On January 20th, the day of Donald Trump’s inauguration, the price of 24K gold rose by Rs 1,200 per 100 grams to Rs 8,12,300 and up by Rs 120 to Rs 81,230 per 10 grams. The price of 22K gold surged by Rs 1,500 to Rs 7,45,000 per 100 grams and up by Rs 150 to Rs 74,500 per 10 grams. In 18K, the gold price zoomed even higher by Rs 1,700 per 100 grams to Rs 6,10,000 and up by Rs 170 in 10 grams to Rs 61,000.
MCX Gold, Silver Prices:
MCX gold price surged at Rs 78,550 per 10 grams, after hitting an intraday high of Rs 79,150 per 10 grams on January 20th. However, silver prices dipped to close at Rs 91,411 per 1kg, after hitting an intraday high of Rs 91,999 per 1kg on MCX.
Spot Gold Prices:
Spot Gold prices stood at $2,715.5 an ounce on Monday, bolstered by inflation expectations, Federal Reserve policy shifts, and fiscal uncertainty.
What Will Impact Gold Prices Ahead?
As per Trading Economics data, President Trump’s declaration of a national energy emergency, emphasizing expanded oil and gas production, could reduce energy costs and ease inflationary pressures, potentially diminishing gold’s appeal as an inflation hedge. However, fiscal and trade policy uncertainty, coupled with the abandonment of renewable energy commitments and the Paris Accord, supports safe-haven demand.
The data further added, that a weaker dollar following Trump’s inauguration further underpins gold, while expectations of limited Fed rate hikes amid soft U.S. economic data add to its allure. Though geopolitical stability, including a Middle East ceasefire, has slightly tempered risk aversion, Trump’s broader economic agenda fuels volatility, sustaining gold’s prominence.
