Gold Prices Cool Off After Hitting Rs 83,750 — Check Rates In Mumbai, Bengaluru, Delhi, Chennai And More

Gold price in India stood at Rs 80,720 per 10 grams as of 7:10 a.m. on Thursday, according to the India Bullion Association. The prices had surged Rs 910 to a record Rs 83,750 per 10 grams in Delhi on Wednesday. This sharp climb was driven by strong demand from jewellers and retailers, according to the All India Sarafa Association. The precious metal of 99.9% purity had settled at Rs 82,840 per 10 grams in the previous trading session.

Rates in New Delhi stood at Rs 80,430 per 10 grams, while the price in Mumbai was higher at Rs 80,570. In Kolkata, the rate stood at Rs 80,470, while in Bengaluru, the rate crossed Rs 80,640, according to the association. With the price at Rs 80,810, Chennai continued to see the highest rates in the country.

Various factors have driven global rates higher, with stable and growing demand. The US Federal Reserve on Wednesday maintained its benchmark interest rate after slashing it three times in a row.

The decision was based on consensus and this marks the committee's first policy meeting since Donald Trump assumed office as US president. In December, the Federal Open Market Committee reduced the federal funds rate target by 25 basis points, bringing it to a range of 4.25% to 4.50%.

The MCX gold surged to a record high amid a pullback in the dollar index and the unchanged interest rates. Adding to these factors, tension is pushed higher by Trump's tariff talks. The uncertainty and possible change in policy has heightened the global investor's traction to the safe haven investment.

Global spot gold prices stood at $2,751, according to the World Gold Council. The futures prices for Feb. 5, 2025 stood at Rs 80,851 and the silver futures prices were at Rs 91,901, according to the Multi Commodity Exchange.

Global prices had escalated to levels near the previous record high of the last six months. Prices had hit $2,777 on Oct. 30, 2024, according to the WGC. The prices had also seen a rise last week when they reached $2,776 on Friday.

Silver price stood at Rs 92,170 as of 7:10 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.