Gold prices are reach high to top levels on Friday Morning, ahead of RBI Monetary Policy. Market players expect 25 bps rate reduction by RBI. Governor Sanjay Malhotra of RBI will announce the policy decision of MPC at 10 AM today on 7 February. The positive market reach supports the MCX Gold Rate Jumps High.
According to reports submit by rueters, international gold prices traded close to record-high levels and sets for 6th successive weekly gain, and it is supported by trade war concerns. The spot gold prices show an 11% surge in 2025 so far. The fears of a trade war between the US and Trade partners also increase gold rates.
Gold Rate Jumps High Further
The potential and surge in Gold continues due to US President Donald Trump’s trade policies. The major global financial companies, such as UBS, Citi, and Goldman Sachs believe that gold rate are goes beyond the $3,000 mark.
As per Reuters reports, Goldman Sachs sees the risk to $3,000 target for a billion because of investor hedging demand and elevated US policy uncertainty. It also reports that Citi has revised the near-term ( 0-3 months) price target for gold rate up to $3,000 per ounce from $2,800. The various media reports also show that the USB has lift the 12-month gold forecast to $3,000 per ounce.
Key levels for Gold and Silver
As per Manoj Kumar Jain of Prithvifinmart Commodity Research, they expects the Gold Rate Jumps High because of US Trade war. The price remains volatile in today’s session. “Gold has support around $2,858-2,844, where as the resistance across at $2,888-2,904 per troy ounce, and silver support around $32.40-32.10, and resistance is at $32.88-33.20 per troy ounce, he said.”
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