All foreign markets also remained closed due to New Year holiday.
There was excitement in gold on Wednesday, the first day of the new year. The price of gold increased by Rs 440 to Rs 79,390 per 10 grams on January 1, 2025. On Tuesday, the price of gold was Rs 78,950 per 10 grams. According to PTI news, gold of 99.5 percent purity rose by Rs 440 to Rs 78,840 per 10 grams. In the last trading session, the price of gold had closed at Rs 78,400 per 10 grams. Gold prices saw a rise on Wednesday due to fresh purchases by stockists.
Gold prices have remained soft so far this week
According to the news, Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said that gold prices are trading in a subdued trend so far this week due to the Christmas holidays and market participants are looking for more fundamentals to gauge the next direction of the market. Looking for signs.
Gandhi said that all foreign markets also remained closed due to the New Year holiday. Multi Commodity Exchange (MCX) traded flat in the first half. However, trading remained closed for the evening session on Wednesday due to New Year’s Day.
gold price in futures trading
Gold prices rose by Rs 141 to Rs 76,889 per 10 grams in futures trade on Wednesday as speculators increased deals on strong spot demand. On the Multi Commodity Exchange, gold contracts for February delivery rose by Rs 141, or 0.18 per cent, to Rs 76,889 per 10 gram with a turnover of 12,386 lots. Analysts said the rise in gold prices was driven by fresh deals by participants. Globally, the futures price of gold in New York increased by 0.87 percent to $ 2,641 an ounce.
Gold may touch Rs 90,000 in 2025
Experts say that as a safe investment, the price of gold will continue to break records in the year 2025. It can reach Rs 85,000 per 10 grams. Amidst geopolitical tensions and global economic uncertainties, it can even go up to the level of Rs 90,000 in the domestic market. Its prices will also increase due to soft stance in monetary policy and purchases by central banks. Yes, if the geopolitical crisis subsides, the fall in the rupee will stop and the price of gold may also soften.
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