Gold Prices Today Hold Firm Above Rs 77,800, Global Rate Steady At $2,650
Gold price today stood at Rs 77,810 per 10 grams, according to India Bullion Association as of 6:25 a.m.
Gold price today stood at Rs 77,810 per 10 grams, according to India Bullion Association as of 6:25 a.m. The precious commodity saw increase in price when compared to Tuesday's rates. Going forward, experts expect gains from the commodity in 2025 as global and domestic factors continue to drive prices.
Gold price in India during 2024 had seen a steady upward climb, even as it was affected by short-term volatility on certain occasions. The lowest that the yellow metal's price had gone down to in this period was Rs 61,590, according to the India Bullion Association.
Gold price hit its highest level on Oct. 30 at Rs 82,400, according to the India Bullion Association. The reason behind the price jump was the rise in demand during the festive season.
Moving ahead, this investment demand is expected to remain strong. However, due to the impending inauspicious period for gold purchases, the demand for jewellery may witness short-term pressure, according to Colin Shah, managing director of Kama Jewelry.
"Nevertheless, the long term appeal of the yellow metal as a safe-haven and preferred investment asset class, along with positive outlook on prices boosted the sales of gold bars and coins, indicating steady growth for physical investment demand," Shah said.
The positive outlook on gold is also shared by Anuj Gupta, head of commodities and currency, HDFC Securities. "We believe that investors should stay long in gold and use corrections as a good buying opportunity," he said. "For investors, we recommend taking a long position in gold futures around 74,000 to 74,500, with an upside target of 79,900 to 82,000, and maintaining a stop loss below 70,000."
Global And Futures Prices
The futures prices for Feb. 5, 2025 stood at Rs 77,540 per 10 grams, according to the Multi Commodity Exchange. While, global rates pushed above the $2,630 ceiling to hit $2,650, according to the World Gold Council.
Silver Prices
Silver price stood at Rs 90,960 as of 6:25 a.m., according to the India Bullion Association. The futures prices for Feb. 5, 2025 stood at Rs 90,852, according to the MCX.
