Gold price today: Gold prices rose in the domestic futures market in the morning session on Wednesday, January 15, amid a slight decline in the US dollar ahead of the US inflation data. However, the yellow metal was subdued in international markets, indicating caution among investors ahead of the US Consumer Price Index (CPI)-based inflation data, which will influence expectations of the Federal Reserve’s interest rate path in the near term. MCX Gold due on February 5 traded 0.27 percent higher ₹78,367 per 10 grams around 9:50 am.

According to Reuters, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.23 percent to 872.52 tonnes on Tuesday, compared to 874.52 tonnes on Monday. This signals a subtle short-term shift in investor sentiment towards the precious metal.

After last Friday’s stronger-than-expected US labor market data, investors are eagerly awaiting the US consumer price index, which is expected later in the day to gauge the US Federal Reserve’s interest rate path. The CPI may have risen 2.9 percent year-on-year in December, up from 2.7 percent in November, according to a Reuters poll. At the monthly level, it can increase by 0.3 percent.

In addition to the inflation data, the “Trump factor” is also in focus. Donald Trump will take office on Monday, January 20th. Experts believe his trade and tax policies could drive inflation.

Recently, rupee weakness has weighed on gold demand in domestic spot markets.

The movement of the rupee is crucial for the Indian gold price as India is one of the largest gold importers in the world. Therefore, a fluctuating rupee directly impacts affordability and demand.

Since India is one of the largest gold importers in the world, the weakness of its currency makes gold expensive.

On January 15, the Indian rupee opened at 86.49 per dollar, up from the previous close of 86.53. The local currency hit an all-time low of 86.73 on January 13.

Experts highlight key levels for bullion

According to Rahul Kalantri, vice president of commodities at Mehta Equities, gold has support at $2,652-$2,640 and resistance at $2,685-$2,698. Silver has support at $29.50-29.35 while resistance lies at $29.88-30.05. In INR, gold has support at ₹77,980-77,750 while resistance at ₹78,370-78,550. Silver has support at ₹89,740-89,170 while resistance at ₹91,150-91,980.

Manoj Kumar Jain of Prithvifinmart Commodity Research suggests waiting for market stability before opening new long positions in gold.

He expects gold and silver prices to remain volatile ahead of US inflation data.

“Gold has support at $2,666-$2,650 while resistance lies at $2,696-$2,722 per troy ounce and silver has support at $30.04-$29.80 during today’s session Resistance is at $30.60 to $30.88 per troy ounce,” Jain said.

“MCX Goold has support ₹77,950-77,720 and resistance at ₹78,400-78,660 while silver has support at ₹89,950-89,220 and resistance at ₹91,100-91,750,” Jain said.

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