MCX Gold Price Analysis Prediction forecast Today 
Gold Analysis covers:
For 01 January 2025
Analysis by Riteshkumar Sahu &
Devanshi Mehta of Kotak Securities
Gold holds its gain, on track to deliver its best annual performance since decade.
Comex gold holds firm near $2,630 per ounce, poised to deliver its best annual performance since 2010 with a remarkable 26% gain in 2024. The rally has been fueled by U.S. monetary easing, heightened geopolitical tensions, and record central bank purchases. Mixed U.S. data released yesterday showed the Chicago PMI falling to 36.9 in December, while pending home sales rose by 2.2% in November. Meanwhile, China’s net gold imports via Hong Kong reached a seven-month high in November, reflecting robust demand. As 2025 approaches, investors are evaluating the potential effects of uncertain U.S. monetary policy, challenges during Trump’s presidency, and China’s efforts to boost economic recovery. Notably, gold’s strength has persisted despite a stronger U.S. dollar and rising Treasury yields.
Will Gold Go up or down?
Gold Technical Analysis by Paresh Gordhandas
MCX Gold Price Today Rs. 77749
Gold Price Projection for Today: On Monday at the opening bell, strong rally will continue
Very short-Term Trade Angle:
Target Rs. 77961 (on higher side)
Stoploss Rs. 77415 (on lower side)
Perspective by Mr. Colin Shah, MD, Kama Jewelry on ‘Gold performance in December 2024 basis World Gold Council Report’
“The robust investment in gold in the month of December 2024 depicts that gold continues to hold a higher preference in the buyers investment portfolio. This is supported by the growing inflows in Indian gold ETFs which added 14.5 trillion year-to-date. However, the fluctuations in gold prices acted as a deterrent to jewellery demand, keeping the buyers at fence. In the domestic market, gold prices saw a dip of 3% from October’s peak on the back of global trends, where it fluctuated between INR 73,477 and INR 78,669/10 gm since late October. However, by mid-December, domestic gold prices stood at INR 77,185/10 gm. Nevertheless, the long term appeal of the yellow metal as a safe-haven and preferred investment asset class along with positive outlook on prices boosted the sales of gold bars and coins, indicating steady growth for physical investment demand.
Moving ahead, this investment demand is expected to remain strong. However, due to the impending inauspicious period for gold purchases, the demand for jewellery may witness short-term pressure. But, with the current price dynamics, our long-term view of gold remains positive, where it may touch levels of $3000, with bouts of volatility and price correction.”
Analysis for the Week ahead by Kaynat Chainwala,
AVP Commodity Research, Kotak Securities:
Hotter-than-expected Consumer Price Index (CPI) data, coupled with signs of weakness in the labor market, has posed challenges for Federal Reserve policymakers and allowed gold to recover from a weekly low of $2,618.80 per ounce. The US CPI rose by 0.2% month-over-month and 2.4% year-over-year, surpassing expectations of 0.1% and 2.3%, respectively. Additionally, jobless claims increased by 33,000 to 258,000, marking the highest level since early August 2023. Meanwhile, a softer Producer Price Index (PPI) reinforced expectations for rate cuts, leading to a sharp rebound in gold prices, which reached $2,679 per ounce on Friday. The US PPI rose by 0.1% month-over-month and 1.8% year-over-year in September, following increases of 0.2% and 1.9% in August. COMEX Gold is holding onto modest gains from last week, trading above $2,673 per ounce today. However, sharp upside potential is being limited by a stronger dollar, as markets have scaled back aggressive rate cut expectations. The CME FedWatch Tool now indicates almost a 90% likelihood of a 25 basis point cut in November, a significant shift from a month ago when the odds for a 25 or 50 basis point cut were evenly split at 50%.
WTI crude oil prices closed 1.5% higher last week at $75.56 per barrel, despite volatility driven by ongoing concerns about Israel’s retaliatory strikes on Iran, as well as significant increases in US stockpiles and disappointment over the lack of new stimulus announcements from China. Today, WTI Crude has dropped more than 1% and is trading below $75 per barrel, weighed down by China’s finance ministry holding back from presenting concrete fiscal stimulus plans during a closely watched briefing on Saturday. While the finance minister indicated that more fiscal stimulus is forthcoming and that there will be a significant increase in debt issuance, no specific details about the size of this stimulus were provided. Oil prices are likely to remain volatile as traders monitor developments in the Israel-Iran conflict. Over the weekend, a Hezbollah drone attack killed four Israeli soldiers, while the Pentagon said it would send an advanced missile defense system and associated troops to help shield its ally. Disruptions in pipeline operations and the closure of several product terminals due to Hurricane Milton are also expected to impact supplies.
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