Gold prices in India are likely to be influenced by international prices on February 4, 2025. After a bearish start on Monday, spot gold surged to hit a new record high, while MCX gold prices also recovered losses to end near their own lifetime high. Meanwhile, gold prices in retail stores in India took a massive hit. Gold prices are likely to be triggered by potential Trade War 2.0 after Trump's tariff plans.
How 24K, 22K, 18K Gold Prices Will Be Impacted On February 4, 2025?
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, participants increased gold allocations as concerns over a potential Trade War 2.0 from the US triggered safe-haven demand. Trump's aggressive tariff policies triggered a stronger dollar rally. The U.S. administration imposed a 25% tariff on Canada and Mexico and a 10% tariff on China, with additional threats of higher duties on the Eurozone.
Trivedi added a direct warning to BRICS nations against de-dollarization has escalated trade tensions, with Trump signalling 100% tariffs on BRICS if they push for alternatives to the dollar.
That being said, Trivedi added, "The uncertainty surrounding global trade imbalances has fueled continued gold buying. The next target is Rs 83,000, with support at Rs 81,500."
Gold Prices In India:
On February 3, after Budget 2025, 24K gold price dropped by Rs 4,400 in 100 grams to Rs 8,40,500, while 10 grams of gold slipped by Rs 440 to Rs 84,050. Meanwhile, 22K gold of 100 grams and 10 grams prices shed Rs 4,000 and Rs 400 to Rs 7,70,500 and Rs 77,050 respectively. Further, 100 grams of gold dipped by Rs 3,30 to Rs 6,30,400 and 10 grams of gold fell by Rs 330 to Rs 63,040 in 18 carats.
Silver Prices In India:
Unlike gold, silver prices were unchanged at Rs 99,500 per 1kg. However, in cities like Hyderabad, Chennai and Kerala, silver stood highest at Rs 1,07,000 per 1kg.
MCX Gold, Silver Prices:
Meanwhile, MCX gold price with April 2025 expiry ended at Rs 83,218 per 10 grams, up by Rs 914 or 1.11%. While MCX silver price stood at Rs 94,350 per 1 kg, higher by Rs 1,136 or 1.22%.
After a bearish tone, spot gold price rose to hit a new record high of $2,820 per ounce on February 3.
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