Gold Off Highs At Rs 85,600 — Check Rates In Mumbai, Bengaluru, Delhi, Chennai And More
Gold price in India cooled off and stood at Rs 85,670 per 10 grams as of 6:50 a.m. on Feb. 12, according to the India Bullion Association. Climbing nearly Rs 1,400 compared to the previous week, domestic gold prices have seen a hike due to the escalating global tension. The yellow metal had reached Rs 86,000 on Tuesday, marking a new record high in the domestic market.
Rates in New Delhi stood at Rs 85,360 per 10 grams, while the price in Mumbai was higher at Rs 85,510. In Kolkata, the rate stood at Rs 85,400, while in Bengaluru, the rate crossed Rs 85,580, according to the association. With the price at Rs 85,760, Chennai continued to see the highest rate in the country.
The global rates had rallied in the last few days, reaching levels close to $3,000, according to Bloomberg. Pushed higher due to the policy related tension from the Trump administration, the commodity is set to get even more expensive.
A safe-haven investment now more than ever, global investors' demand has driven prices of gold higher, as both banks and central banks are on a dash to buy the yellow metal.
On the Multi Commodity Exchange or MCX, April gold contracts hit a record high of Rs 85,680 per 10 grams during early trade on Monday before paring some gains. Analysts attributed the global rally to rising trade tensions between the US and China, which have fuelled demand for gold as a safe-haven asset.
Global And Futures Rates
Global spot gold prices settled at $2,896, according to the World Gold Council. The global rates have been hovering over highs because of the escalated tension due to Trump's tariffs.
The previous high recorded for the global rate was $2,942 on Feb. 11, according to Bloomberg.
Silver Rates
Silver price stood at Rs 95,750 as of 6:50 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.
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