Gold Rate in India Sees Massive Jump! Silver Shines Too; Will 24K Cross Rs 1.6 Lakh On 5 Feb? Check Outlook

Gold Rate in India Outlook: Gold and silver prices in India extended their gains for a second consecutive session on Wednesday, February 4, after a sharp decline over the previous two days. With markets caught in a tug of war between bulls and bears, investors will closely track gold and silver price movements on Thursday, February 5.

Gold and silver futures on the multi commodity exchanges (MCX) saw a sharp jump during Wednesday's trading session. The sharp rally was also witnessed in the domestic gold and silver prices.

Gold Rate in India

The price of 24 karat gold in India jumped by Rs 551 per gram to Rs 15,944 per gram at 6:43 pm on Wednesday, as per Goodreturns data. Which means that per 10 gram of 24 karat gold in India was priced at Rs 1,59,440 per kilogram. The price of 22 karat gold in India surged by Rs 505 per gram to Rs 14,615 per gram. The rate of 18 karat gold in India surged by Rs 413 per gram to Rs 11,958 per gram.

Silver Rate in India

The price of silver in India also saw a sharp jump on Wednesday. Silver rate in India stood at Rs 320 per gram and to Rs 3,20,000 per kilogram. In January, silver prices jumped beyond Rs 4 lakh mark, but later saw a steep correction and declined below Rs 3 lakh per kilogram mark.

Silver, Gold MCX Rates

MCX Silver futures (with March expiry) surged significantly to touch an intraday high of Rs 2,86,306 per kilogram. MCX Gold Futures (with April expiry) jumped to an intraday high of Rs 1,60,755 per 10 gram. Meanwhile, the international gold rate on Tuesday saw a sharp single-day surge to $5,050 per ounce on Wednesday, as per Trading Economics.

Gold, Silver Price Outlook

Persistent profit-buying momentum could push gold prices in India beyond the Rs 1.6 lakh per 10-gram mark. Over the long term, both gold and silver prices are expected to maintain a strong upward trend.

"Markets are now focused on US ADP non-farm payrolls data and final services PMI readings from major global economies. However, the primary focus remains on Friday's official US jobs report for signals on the timing of the next Federal Reserve rate cut. CME FedWatch currently shows no easing priced in until May, with June reflecting just a 44.1% probability of a 25bp cut versus a 44.9% chance of rates being held unchanged," explained Kaynat Chainwala, AVP Commodity Research, Kotak Securities.

"Forecasts by major banks indicate that gold will continue to move higher in 2026, driven by central bank purchases, expectations of rate cuts, and geopolitical tensions. While some short-term volatility and range-bound action may be expected, underlying forces could propel gold to higher levels by the end of the year. A staggered "buy on dips" strategy could be employed to tap into the upside," stated Pranav Koomar is the Founder and CEO of PlusCash.