Gold price today: MCX Gold rates climb despite US Fed's rate pause; what should investors do?

Gold price today: Gold rates rose in the morning trade in the domestic futures market on Thursday, January 30, despite weak global cues and the US Fed's decision to keep benchmark interest rates unchanged at 4.25-4.50 per cent. Higher interest rates are considered negative for gold prices as they weigh on the appeal of non-yielding bullion. MCX Gold for April 4 expiry traded 0.16 per cent up at ₹81,007 per 10 grams around 9:15 AM.

The US Federal Reserve, after a two-day Federal Open Market Committee (FOMC) meeting, left the benchmark interest rate steady at 4.25-4.50 per cent on January 29. The decision comes after US Fed chair Jerome Powell-led rate-setting panel last cut rates for three straight meetings after kicking off its policy easing cycle in September 2024 for the first time in four years.

Gold prices saw little movement in international markets after the Federal Reserve's policy decision.

Investors are keenly observing US President Donald Trump's latest tariff decisions amid his plans to impose steep tariffs on Mexico and Canada. There is speculation that he may soon announce tariffs on China.

Experts are of the view that Trump's policies could lead to higher inflation and force the US Fed to keep benchmark interest rates higher for longer. This could dent gold's appeal as an inflation hedge.

In the previous session, gold prices slipped marginally amid uncertainty about the US Fed's interest rate trajectory.

Experts' strategy for gold

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $2,774-2,758, while resistance at $2,810-2,828 per troy ounce and silver has support at $31.10-30.84, while resistance is at $31.64-32.00 per troy ounce in today’s session.

Jain further said that MCX Gold has support at ₹80,600-80,350 and resistance at ₹81,220-81,500, while silver has support at ₹91,100-90,450 and resistance at ₹92,600-93,300.

Jain suggests buying silver around ₹91,400 with a stop loss of ₹90,650 for the target of ₹93,000.

According Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,742-2,728 while resistance at $2,774-2,788. Silver has support at $30.55-30.35 while resistance is at $31.00-31.20. In INR gold has support at ₹80.050-79,880, while resistance at ₹80,570-80,720. Sliver has support at ₹91,270-90,650 while resistance at ₹92,680-93,170.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.