Gold Rate In India Steady on Feb 8 After 12% Decline From Record High: Check 24K, 22K, 18K Rates On Sunday

This week turned out to be one of the most volatile periods for the bullion market, with gold prices in India witnessing sharp fluctuations. Both gold and silver retreated from their late-January peaks after multiple ups and downs. On January 29, gold rate in india had surged to Rs. 1,78,850 per 10 grams, while the silver price in India touched an all-time high of around Rs. 4.15 lakh per kg before a steep correction in the market.

The decline in gold prices and silver prices brought some relief to buyers who had been discouraged by elevated rates, although many investors faced significant losses in their bullion holdings. Silver is now nearly 30% below its recent high, while gold has dropped by more than 12%.

In the international market, gold rebounded on Friday and was poised to post a weekly gain, supported by bargain hunting, a slightly weaker US dollar, and ongoing concerns surrounding US-Iran talks in Oman. Silver also recovered after hitting a one-and-a-half-month low. Spot gold remained below $5,000 per ounce but edged higher before Friday's close.

Gold Rate in India Today

As of 8th of February, gold rates in India for 22 carats, or standard, showed stability with no movement and currently cost Rs. 1,43,550 per 10 grams, whereas the 24-carat gold rate in India is currently at Rs. 1,56,600 per 10 grams. Just like that, 18-carat gold rates also underwent no changes and retail at Rs. 1,17,450.

Similarly, the 100 grams of 24-carat gold are now costing Rs. 15,66,00 and the 22-carat gold per 100 grams is now at Rs. 14,35,500 The cheaper variant, 18-carat gold, is now at Rs. 11,74,500.

Silver prices in India today

Silver rates in India today also paused for a breather. 1 kg of silver in India costs Rs 2,85,000. While 100g of silver rates in India retails at Rs. 28,500.

MCX Gold and Silver Prices

Trading on the MCX is shut today due to the weekend holiday. Gold futures prices on the MCX, which are going to mature on April 4, dropped slightly on Friday before closing at Rs. 1,55,050 with a decrease of 0.26%. Similarly, silver futures prices set to mature on March 5th, closed at Rs. 2,49,499, which decreased little by 0.16%.

Gold Prices Target and Outlook This Week

"Gold slipped further below $4,820/oz as weak US labour data sparked broad deleveraging across risk assets, outweighing rate-cut expectations and triggering liquidation-driven pressure after last week's sharp rally. On the technical front, MCX Gold has formed a doji candlestick pattern on the daily chart, indicating equilibrium between buyers and sellers. International prices saw a sharp fall yesterday and have formed a lower high on the daily chart. We can expect similar price action in MCX Gold going forward. The bullish trend is currently under pressure and will need signs of strength to reassert itself. We maintain a cautious stance on MCX Gold. Immediate support is placed at 147,000-142,000, while resistance is seen at 160,750." According to the Way To Wealth Research Report.

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