Gold price in India held steady over Rs 85,640 per 10 grams as of 7:00 a.m. on Feb. 13, according to the India Bullion Association. Climbing nearly Rs 1,100 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 85,490. In Kolkata, the rate stood at Rs 85,550, while in Bengaluru, the rate crossed Rs 85,550, according to the association. With the price at Rs 85,740, Chennai continued to see the highest rate in the country.
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Global gold 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.
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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.
Further, the net inflows into gold exchange-traded funds hit a record high in January at Rs 3,751 crore, according to the data released by the Association of Mutual Funds in India on Wednesday. The previous record figure was clocked in October, while January was the ninth consecutive month of net inflows into gold ETFs. Investors have put their money into this passive investment instrument that tracks gold prices and shows how the commodity has held its place as a safe haven commodity.
Global And Futures Rates
Global spot gold prices settled at $2,903, 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. The futures prices for April 4 stood at Rs 85,500 according to the Multi Commodity Exchange. The silver futures price was at Rs 95,420 according to MCX.
Silver Rates
Silver price stood at Rs 95,810 as of 7:00 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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