Gold Price Rebounds To Rs 80,700— Check Rates In Mumbai, Bengaluru, Delhi, Chennai And More

Gold price in India stood at Rs 80,700 per 10 grams as of 7:20 a.m. on Wednesday, according to the India Bullion Association. The prices rebounded to levels over Rs 80,500 after the rates lowered on Tuesday. The price has held steady over Rs 80,000 since Jan. 24, as the yellow metal has seen a climb in prices.

Rates in New Delhi stood at Rs 80,410 per 10 grams, while the price in Mumbai was higher at Rs 80,550. In Kolkata, the rate stood at Rs 80,450, while in Bengaluru, the rate crossed Rs 80,620, according to the association. With the price at Rs 80,790, Chennai continued to see the highest rates in the country.

The gold futures prices for MCX had risen to an all time high on Jan. 24., up about 0.43% compared to Jan. 23 rates, the futures for Feb. 5, 2025 went up to Rs 79,998.

Earlier, on Oct. 31, 2024, gold of 99.9% purity had touched a record Rs 82,400 per 10 grams, while the 99.5% purity gold hit Rs 82,000 the same day. Gold prices continue to rise as the dollar weakens.

The upcoming budget is an important cue for the trajectory of the commodity's prices. The previous budget had seen a sharp cut on the customs duty rates.

"The government brought the Indian consumer at par with the global consumer. I don't expect dramatic negative changes around gold because such a huge change was made six months ago. We should see a full financial year with this level of consumption and more," said Sachin Jain, regional chief executive officer, World Gold Council.

Future prices of gold for Feb. 2, 2025, stood at Rs 80,288 per 10 grams, according to the Multi Commodity Exchange. Silver future prices for Feb. 5, 2025, stood at Rs 91,060, according to the MCX.

Global rates held above the $2,760-mark to hit $2,764, according to the World Gold Council.

Silver price stood at Rs 91,320 as of 7:20 a.m., according to the India Bullion Association.

The strong industrial demand for silver, fuelled by its importance in renewable energy technologies and electronics, has been driving the surge.