Gold price in India stood at Rs 82,420 per 10 grams as of 7:30 a.m. on Feb. 3, according to the India Bullion Association. The prices saw a Rs 2,400 increase compared to last Monday. The prices are around record.
In the Union Budget 2025, announced by Finance Minister Nirmala Sitharaman on Feb. 1, there were no specific changes that were made around the commodity. The customs duty cut announced during the previous budget remained the last change made in the space.
This was in line with expectations. According to experts, the changes made in the previous budget are still settling into the system. The prices have also been rising on account of various factors, including global tensions and possible policies like the tariffs.
The price on Friday stood at Rs 81,380, according to the IBA and the futures prices were also hovering near all-time highs during the week running up to the Budget.
Rates in New Delhi stood at Rs 82,130 per 10 grams, while the price in Mumbai was higher at Rs 82,270. In Kolkata, the rate stood at Rs 82,160, while in Bengaluru, the rate crossed Rs 82,340, according to the association. With the price at Rs 82,510, Chennai continued to see the highest rate in the country.
The global rate of the yellow metal hit an all-time high of $2,817 on Jan. 31, according to Bloomberg.
Global And Futures Rates
Global spot gold prices settled at $2,812, according to the World Gold Council.
The futures prices for Feb. 5, 2025 stood at Rs 82,350 and the silver futures prices were at Rs 93,250, according to the Multi Commodity Exchange.
Global prices had escalated to levels near the previous record high. This was when the prices hit $2,817 on Jan. 31, according to the WGC.
Silver Rates
Silver price stood at Rs 93,550 as of 7:25 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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