Gold price today: Gold rates on the MCX rose sharply in the morning session on Thursday, January 29, supported by strong retail demand, the dollar’s weakness, and geopolitical uncertainties.
The US Fed on January 28 maintained the status quo on policy rates, but markets continue to discount two rate cuts later this year.
MCX gold February futures jumped by nearly ₹10,000, or 6%, to hit the record high of ₹1,75,869 per 10 grams mark.
MCX silver March futures soared by ₹21,500, or almost 6%, to a record high of ₹4,06,863 per kg.
The US Federal Open Market Committee (FOMC) decided to keep the target range for the federal funds rate at 3.5% to 3.75%.
The Fed’s decision appears to have had little impact on gold prices, as the central bank’s move was largely discounted by market participants.
(This is a developing story. Please check back for fresh updates.)
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