Huge Rally In Gold Price In India Today: 24K/100 Gms Of Gold Jumps Rs 10,400; 1 Kg Silver Rally Rs 1,000

As the US, Canada, and Mexico's tariff deliberations gathered momentum, gold prices in India saw an enormous spike today, Wednesday, February 5. This occurred after gold prices reached an all-time high during yesterday's trading session, supported by demand for safe haven investments as the market perceives the tariffs as inflationary, which could fuel demand for bullion. Today's focus will be on US private payroll statistics and services PMI from key economies, which will further influence the movement of the gold market following the 2025 Budget and the upcoming MPC results.

Gold Rates In India Today

Today, 22 carat gold costs Rs 7,905 per gramme in India, whereas 24 carat gold costs Rs 8,624 per gramme. 22k of 100 grammes of yellow metal will cost Rs 7,90,500 in India today compared to Rs 7,81,000 yesterday, representing a price hike of Rs 9,500 in a single day, while 10 grammes of 22k of gold prices reached Rs 79,050 on Wednesday compared to Rs 78,100 on Tuesday, representing a price surge of Rs 950.

While 24k of 100 grammes of gold would cost Rs 8,62,400 in India today compared to Rs 8,52,000 yesterday, marking a price spike of Rs 10,400, 24k of 10 grammes of gold prices in India hit Rs 86,240 on Wednesday compared to Rs 85,200 on Tuesday, showing a price surge of Rs 1,040.

While 100 grammes of 18k gold prices in India on Wednesday hit Rs 6,46,800 compared to Rs 6,39,000 on Tuesday, marking a price spike of Rs 7,800, 10 grammes of 18k gold would cost Rs 64,680 today compared to Rs 63,900 yesterday, showing a price surge of Rs 780.

Spot Gold Today

According to Reuters, U.S. gold futures climbed 0.2% to $2,879.70 on Wednesday, while spot gold was up 0.2% at $2,848.69 an ounce as of 0253 GMT after reaching a new high of $2,853.97 earlier in the day. Palladium dropped 0.9% to $981.75, platinum climbed 0.3% to $966.95, while spot silver jumped 0.2% to $32.15 an ounce.

Silver Rates In India Today

Today, silver costs Rs 99.50 per gramme and Rs 99,500 per kilogramme in India. In India, 10 grammes of silver will cost Rs 995 on Wednesday, compared to Rs 985 on Tuesday; 100 grammes of silver will cost Rs 9,950 today, up from Rs 9,850 yesterday; and 1 kg of silver will cost Rs 99,500 today, up from Rs 98,500, marking a 1,000 rupee rise in the cost.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading mixed today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day, as gold prices rose to a record high, after advancing by almost 1% in the previous session, as the opening salvos of the US-China trade war stoked haven demand," said the brokerage firm Nirmal Bang Securities Pvt. Ltd.

Spot Gold & MCX Gold Outlook Today

"Gold is likely to extend its gains amid safe haven buying and softness in the dollar. Ongoing trade war concerns would increase the demand for safe assets and support the bullions to make new highs. Further, forecast of less than expected rise in US job numbers would weigh on the dollar and strengthen the bullions to trade higher. Spot gold is expected to hold the support of $2810 and move higher towards $2865. Closure of OI in OTM call strikes indicates short covering which might push prices further higher. MCX Gold April is expected to march towards ₹84,500 level as long as it stays above ₹83,200 level. Only a move below ₹83,200 level prices may slip sharply towards ₹82,600 level," said the technical research analysts of ICICI Direct Research.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.