Gold price in India was steady over the Rs 86,000-mark at Rs 86,070 per 10 grams as of 6:50 a.m. on Feb. 20, according to the India Bullion Association.
Rates in New Delhi stood at Rs 85,770 per 10 grams, while the price in Mumbai was higher at Rs 85,910 on Thursday. In Kolkata, the rate stood at Rs 85,800, while in Bengaluru, the rate crossed Rs 85,980, according to the association. With the price at Rs 86,160, Chennai continued to see the highest rate in the country.
Over the course of the previous week, domestic gold prices had seen a hike due to the heightened global tension. The price had hit a high of Rs 88,100 in Delhi on Thursday, led by global cues. Gold of 99.5% purity went up Rs 140 to Rs 87,700 per 10 grams from the previous close of Rs 87,560 per 10 grams.
Investors' focus was on US President Donald Trump's trade tariffs and a global trade war, which continued to act as a tailwind for safe-haven metals.
Global Rates And Futures Prices
Global spot gold prices settled at $2,939, according to the World Gold Council. The global rates have been hovering over highs as tension around Trump's tariffs, that were pushed higher by other global cues as well.
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 85,879, according to the Multi Commodity Exchange. The silver futures price was at Rs 96,378, according to MCX.
The president on Thursday had signed a measure, directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis.
Silver Rates
Silver price stood at Rs 96,820 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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