Gold Price Rises To Rs 79,050 — Check Rates In Delhi, Bangalore, Chennai And More

Gold price today in India stood at Rs 79,050 as of 7:20 a.m., according to the India Bullion Association. The price rose by Rs 600 when compared to rates on Wednesday. The rates had reached Rs 80,550 per 10 grams on Jan. 10, at the national capital.

The rate at New Delhi stood at Rs 78,780, while the price in Mumbai was higher at Rs 78,910. In Kolkata, the rate stood at Rs 78,810, while in Bengaluru, the rates crossed Rs 78,970, according to the India Bullion Association. While Chennai continued to see the highest rates in the country with prices at Rs 79,140.

The prices are not driven by the tension in the global market alone, but domestic demand as well.

"Geopolitical triggers are not the only triggers for Indian prices. One area of growth is the investment bar and coin demand that went up by 47% and was 81% up in the value front. In quarter three, the volume growth was recorded at 42% and the value increased by 83% because of high gold prices. This is not a geo-political sentiment but gold as an asset class for Indians," said Sachin Jain, regional chief executive officer of India of World Gold Council.

Ahead of the budget, Jain expects status quo as he believes that the government took a very strong step last budget to move reduce smuggling with the customs duty rate cut.

The future prices of gold for Feb. 2, 2025 stood at Rs 78,734, according to the Multi Commodity Exchange. Silver future prices for Feb. 5, 2025 stood at Rs 92,850, according to the MCX.

While, global rates pushed above the $2,690 ceiling to hit $2,699, according to the World Gold Council.

Silver price stood at Rs 93,020 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 up demand for silver as a safe-haven asset.