Gold price in India stood at Rs 79,370 as of 6:40 a.m. on Monday, according to the India Bullion Association. The price slipped by nearly Rs 170 when compared to rates on Friday.
Gold price in New Delhi stood at Rs 79,240, while the price in Mumbai was higher at Rs 79,220. In Kolkata, the rate stood at Rs 79,120, while in Bengaluru, the rates crossed Rs 79,280, according to the India Bullion Association. Chennai continued to see the highest rates in the country, with prices at Rs 79,450.
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Gold 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 the government took a very strong step last budget, to reduce smuggling with the customs duty rate cut, according to him.
Global Rates
The future prices of gold for Feb. 2, 2025 stood at Rs 79,019, according to the Multi Commodity Exchange. Silver future prices for Feb. 5, 2025 stood at Rs 92,504, according to the MCX.
While, global rates slipped below the $2,700, mark to hit $2,694, according to the World Gold Council.
Silver Prices
Silver price stood at Rs 91,700 as of 6:40 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.
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