Gold Price At Rs 78,900 — Check Rates In Mumbai, Bengaluru, Delhi, Chennai And More
Chennai continued to see the highest rates in the country, with prices at Rs 78,990.
Gold price in India stood at Rs 78,900 as of 6:50 a.m. on Tuesday, according to the India Bullion Association. The price slipped by nearly Rs 500 when compared to rates on Monday.
Gold price in New Delhi stood at Rs 78,620, while the price in Mumbai was higher at Rs 78,760. In Kolkata, the rate stood at Rs 78,650, while in Bengaluru, the rates crossed Rs 78,820, according to the India Bullion Association. Chennai continued to see the highest rates in the country, with prices at Rs 78,990.
"Gold held an advance as President Donald Trump held off from imposing sweeping trade tariffs against China and other nations on his first day in office, which hurt the US dollar," according to Bloomberg.
Investors were also weighing the outlook for inflation, with Trump’s domestic agenda of tax cuts and increased spending, potentially pointing to ongoing price pressures this year. That may limit the Federal Reserve’s ability to keep easing monetary policy. Higher borrowing costs typically pose a headwind for bullion, as it does not pay interest.
The precious metal had set a series of records in 2024, with gains driven by the Fed’s pivot to a looser monetary policy, geopolitical tensions, and central-bank buying. The commodity may yet receive a further boost from demand for haven assets, amid concerns about the new president’s immigration policy, as well as scope for increasingly fraught US relations with other nations, according to Bloomberg.
Global Rates And Futures
The future prices of gold for Feb. 2, 2025 stood at Rs 78,550, according to the Multi Commodity Exchange. Silver future prices for Feb. 5, 2025 stood at Rs 91,411, according to the MCX.
While, global rates held above the $2,700-mark to hit $2,704, according to the World Gold Council.
Silver Rates
Silver price stood at Rs 91,610 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 up demand for silver.
