The gold futures prices for MCX have risen to an all time high. Up about 0.43% when compared to Thursday's rates, the futures for Feb. 5, 2025 are at Rs 79,970 as of 10:33 a.m. The precious commodity has seen a climb in prices this week as the spot prices hit record highs as well.
Gold price in India stood at Rs 79,980 per 10 grams as of 6:50 a.m. on Friday, according to the India Bullion Association. The yellow metal's spot prices cooled off after it rose to a record high of Rs 82,700 per 10 grams in Delhi on Wednesday. This was the sixth straight session of gains for the yellow metal before the cool-off.
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"Gold prices hit new highs on Wednesday. Concerns over US President Donald Trump's trade policies appear to be pushing investors toward gold as a safe haven," said Saumil Gandhi, senior commodities analyst at HDFC Securities.
Earlier, on Oct. 31, 2024, gold of 99.9% purity had touched a record Rs 82,400 per 10 grams, while the 99.5% purity gold hit Rs 82,000 the same day, according to the India Bullion Association.
Markets are worried after Trump delayed his promised trade tariffs on China, Mexico, and Canada, raising fears they may come next month, sparking fears of a prolonged trade war, Abans Holdings' Chief Executive Officer, Chintan Mehta, said.
Apart from global cues, there have also been domestic cues that have driven the demand of gold in the domestic market. With economic significance like the budget coming up, the commodity's prices have inched higher.
"Domestically, the marriage season in February and March drives significant business to business and retail shopping, followed by the Akshaya Tritiya festival in April and May, which sees substantial purchases," said Darshan Chauhan, director of Sky Gold. Chauhan expects that February and March this year would see shopping for the marriage season and then for Akshaya Tithya in April and May.
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