GOLD PRICES UPDATE: 10-01-2025
Gold prices per kg rose by 0.46% to ₹78,104, primarily driven by weaker-than-expected U.S. private employment data for December. The ADP National Employment report revealed a rise of 122,000 private-sector jobs, falling short of the forecast of 140,000.
Additionally, the jobless claims were recorded at 201,000, lower than anticipated, signaling a mixed outlook in the labor market. The Federal Reserve’s December meeting minutes highlighted expectations of easing inflation in 2024 but warned of potential pressures due to Trump-era policies.
Key Highlights on Gold Demand and Global Trends
Gold demand in the physical market displayed mixed signals. In India, dealers offered a discount of $14 per ounce due to high local prices, reducing buying enthusiasm. Meanwhile, in China, premiums surged to $4.50-$10 ahead of the Lunar New Year, signaling stronger buying activity.
The Perth Mint saw a significant drop in December gold sales, reporting a 45% decrease month-on-month. In contrast, global central banks continued strong buying, purchasing a net 53 tonnes of gold in November, with Poland and India being the largest buyers.
China’s gold reserves also increased for the second consecutive month in December, bringing total holdings to 73.29 million troy ounces.
Gold Market Outlook and Technical Analysis
Gold’s price trend is also influenced by short covering, with open interest falling by 0.83%, bringing the total to 11,418 contracts.
Immediate support for gold prices is seen at ₹77,835, with further downside possible to ₹77,570. On the upside, the first resistance is at ₹78,310. A breakout above this level could potentially drive gold prices towards ₹78,520.
Summary of Key Factors for 2025 Gold Prices
- Support Levels: ₹77,835 (possible dip to ₹77,570)
- Resistance Levels: ₹78,310 (potential to test ₹78,520)
- Market Drivers: Economic data, Fed’s stance on rate cuts, global demand dynamics
Read This Also:
For the Current Gold Prices Update, make sure to click here :- CONTACT NOW