gold rate
Gold rate today: After the year 2024, now gold is shining in the new year i.e. 2025 also. Last year, gold had given returns of more than 20 percent in the domestic market. Talking about last week, gold closed with an increase of 0.74 percent in the global market. On Multi Commodity Exchange i.e. MCX, the futures price of gold for delivery in February 2025 closed at Rs 77,320 per 10 grams. At the same time, globally on Friday, gold closed at $ 2,639.49 an ounce. FOMC meeting minutes, non-farm employment data and US unemployment rate will impact gold prices. According to experts, gold may see good strength in the short term.
Safe haven demand increased
According to experts, the recent rise in gold prices has come due to increasing safe haven demand for gold amid rising geopolitical tensions in the Middle East and increasing global economic uncertainties. Donald Trump will be sworn in as President of America on January 20. He can make major policy changes after taking oath. This has increased concerns in the market. It is possible that the trade war may increase after Trump becomes President. All these concerns are supporting gold prices. Talking about latest geopolitical concerns, Russia carried out a drone attack on Kiev on Wednesday morning. Two districts were damaged in this attack. At the same time, the Israeli army had attacked a suburb of Gaza City.
Central banks are buying gold
Central banks of many countries are increasing their gold reserves as a hedge against uncertainties and a reserve diversification strategy, pushing up prices. According to the World Gold Council, central banks bought about 740 tonnes of gold in the first 10 months of 2024. However, due to the strength of the dollar, the price of gold slowed down a bit. The dollar index has increased for the sixth consecutive week. The dollar is currently at a two-year high. This has made it expensive for investors with other currencies to buy gold.
Trump 2.0
According to experts, geopolitical tension and economic uncertainty may increase during Donald Trump’s tenure. This will increase the demand for gold. Trade wars, potential conflicts and unpredictable policies during Trump’s tenure will attract investors towards gold as a safe haven asset.
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