The Gold rate today and silver price are in focus today. This is after gold rates plunged 4% on apprehension about the next Federal Reserve Chief. The commodity market is worried about a less dovish Fed Chairman pick “Rumours that Kevin Warsh will replace Jerome Powell as Fed Chair have weighed on gold during Asian trade,” said Matt Simpson, a senior analyst at StoneX.
However, gold is still on track for its strongest monthly gain since 1980 as investors flocked to the safe haven amid lingering geopolitical and economic strains. Prices have risen more than 20% so far in January, heading for a sixth straight monthly gain and the largest monthly advance since January 1980.
Gold rate today in India
Speaking about the trend seen in gold rate in India, Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities pointed out that “the buying spree reflects strong momentum-driven participation, with central bank allocation and hedge demand adding to the rally. Despite the Fed keeping rates unchanged as expected, bullion rallied further after the policy statement highlighted concerns over economic growth, reinforcing uncertainty in global markets. This backdrop, along with persistent geopolitical tensions and ongoing US. trade tariff pressures, has strengthened safe-haven flows into gold.”
Trivedi added that technically, “Rs 1,70,000 now acts as a strong immediate support zone, while Rs 1,85,000 stands as the next extended resistance. Volatility is expected to remain elevated at these historic levels.”
Silver rate today: Declines 4%
Silver declined by more than 4% on profitbooking. Jigar Trivedi, Senior Research Analyst at Indusind Securities, pointed out that, “Silver fell about 4% toward $110/oz, retreating from all-time highs as investors locked in profits following the record rally, while rebound in the dollar added pressure on the metal.”
Despite the pullback, silver is on track to gain more than 50% in January, marking its best monthly performance on record and extending a winning streak to nine consecutive months. According to Jigar Trivedi, “The rally has been fuelled by persistent geopolitical and economic uncertainties, which boosted safe-haven demand, alongside a sharp depreciation in the dollar triggered by shifting policies in Washington and President Donald Trump’s apparent indifference to the currency’s weakness.”
Trump also said he will announce his pick for a nominee to chair the Federal Reserve on Friday morning, with reports suggesting former Fed governor Kevin Warsh as the likely choice. Silver’s surge was further supported by a tight physical market, with both investment and industrial demand hitting record levels.
According to Trivedi, for those tracking the silver rate today, “MCX Silver March prices may experience a profit booking, as prices have declined by more than 4% in the world markets too, Rs. 380,000/kg is support for the day.”
Spot gold and silver prices slip
Spot gold lost 3.9% to $5,183.21 per ounce, as of 0323 GMT, after falling as much as 5% earlier. It scaled a record high of $5,594.82 on Thursday.
Spot silver slipped 5.7% to $109.55 an ounce, after hitting a record high of $121.64 on Thursday. The metal has surged 56% so far this month, on track for its best-ever monthly performance. In Asia trade and on MCX, silver is currently down 3% .