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Gold rate today: After the year 2024, gold is shining in the new year i.e. 2025 as well. Last year, gold gave a return of more than 20 percent in the domestic market. Talking about last week, gold closed up by 0.74 percent in the global market. The futures price of gold for delivery in February 2025 on the Multi Commodity Exchange i.e. MCX closed at Rs 77,320 per 10 grams. At the same time, globally, gold closed at $ 2,639.49 an ounce on Friday. The minutes of the FOMC meeting, non-farm employment data and US unemployment rate will affect gold prices. According to experts, gold may see good strength in the short term.
Increased safe haven demand
According to experts, the recent rise in gold prices has come due to the increasing demand for gold as a safe haven amid rising geopolitical tensions in the Middle East and rising global economic uncertainties. Donald Trump will be sworn in as the President of the United States on January 20. He may make major policy changes after taking the oath. This has increased concerns in the market. It is possible that the trade war may increase after Trump becomes president. All these concerns are supporting gold prices. Talking about the latest geopolitical concerns, Russia carried out a drone attack on Kiev on Wednesday morning. Two districts were damaged in this attack. At the same time, the Israeli army attacked a suburb of Gaza City.
Central banks are buying gold
Central banks of many countries are increasing their gold reserves as a hedge against uncertainties and as a reserve diversification strategy, which is increasing prices. According to the World Gold Council, central banks bought about 740 tonnes of gold in the first 10 months of 2024. However, the pace of gold slowed down somewhat due to the strength of the dollar. The dollar index has risen for the sixth consecutive week. The dollar is currently at a two-year high. This has made it expensive for investors with other currencies to buy gold.
Trump 2.0
According to experts, geopolitical tensions and economic uncertainty may increase during Donald Trump's tenure. This will increase the demand for gold. Trade wars, possible conflicts and unpredictable policies during Trump's tenure will attract investors towards gold as a safe haven asset.
