Gold Price Soars Past $5,500 Mark for First Time as Fed Holds Rates Steady
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Moneycontrol•29-01-2026, 10:31
Gold Price Soars Past $5,500 Mark for First Time as Fed Holds Rates Steady
- •Gold price surged past $5,500 an ounce on January 29, reaching an all-time high of $5,584 in the international market, currently hovering around $5,519.
- •The rally is attributed to the US Federal Reserve's decision to keep interest rates unchanged and escalating geopolitical and trade tensions.
- •On MCX, 24-carat gold hit a record high of Rs 1,92,991 per 10 grams, an 8.94 percent increase from its previous close.
- •Policy uncertainty, a softer USD, and increased safe-haven demand due to global risks are driving gold's upward trend.
- •Experts warn that gold is entering an 'overheated zone' after a sharp rally, potentially leading to increased volatility.
Why It Matters: Gold prices hit record highs globally, driven by the Fed's unchanged rates and geopolitical uncertainties.
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