Gold Price Settles At Rs 78,000 After Rebound, Global Rates Inch Higher
Gold price today stood at Rs 78,000 per 10 grams, according to India Bullion Association as of 6:55 a.m. The precious commodity saw an increase of Rs 190 from Tuesday's rates.
Gold prices reclaimed the Rs 80,000-mark in the national capital on Wednesday, driven by increased buying from jewellers and stockists, according to the All India Sarafa Association.
The price of 99.9% purity gold rose by Rs 300, reaching Rs 80,000 per 10 grams, marking a near one-month high. It had closed at Rs 79,700 per 10 grams in the previous session on Tuesday.
Traders attributed the surge in prices to heightened demand from jewellers and retailers in local markets. On the MCX, gold contracts for February delivery appreciated Rs 43 to Rs 77,574 per 10 grams.
The rates in the capital today stood at Rs 77,720, while rates in Kolkata stood were at Rs 77,750, according to IBA. The rate in Bangalore for the day is Rs 77,920, while Chennai recorded the highest rates in India with Rs 78,080.
Gold rose on Wednesday as sentiment was boosted by strong Chinese demand. China, the leading gold consumer in the world, raised its reserves in December for a second straight month, based on official figures published on Tuesday, said Saumil Gandhi, senior analyst of commodities at HDFC Securities.
Central banks around the world collectively, in November 2024, added 53 tonnes of gold to their reserves. Of this, the Reserve Bank of India's addition was eight tonnes, the World Gold Council said in a report on Monday.
Global Rates And Futures
The future prices of gold for Feb. 2, 2025 stood at Rs 77,726, according to the Multi Commodity Exchange. Silver future prices for Feb. 5, 2025 stood at Rs 90,949, according to the MCX.
While, global rates pushed above the $2,650 ceiling to hit $2,660, according to the World Gold Council.
Silver Prices
Silver price stood at Rs 91,060 as of 6:55 a.m., according to the India Bullion Association.
Silver prices extended their gains for the third consecutive day, rising by Rs 500 to touch a near one-month high of Rs 92,500 per kg on Wednesday. The white metal had closed at Rs 92,000 per kg on Tuesday.
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