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 price saw a marginal rise of Rs 40, compared to Thursday's price.
Gold price cooled off after it rose by Rs 630 to a record high of Rs 82,700 per 10 grams in Delhi on Wednesday. This marks the sixth straight session of gains for the yellow metal.
The price of gold with 99.5% purity rose to Rs 82,330 per 10 grams.
Rates in New Delhi stood at Rs 79,690 per 10 grams, while the price in Mumbai was higher at Rs 79,830. In Kolkata, the rate stood at Rs 79,730, while in Bengaluru, the rate crossed Rs 79,890, according to the association. At Rs 80,060, Chennai continued to see the highest rates in the country.
"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. Gold prices continue to rise as the dollar weakens.
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.
Futures And Global Rates
Future prices of gold for Feb. 2, 2025, stood at Rs 79,601 per 10 grams, according to the Multi Commodity Exchange. Silver future prices for Feb. 5, 2025, stood at Rs 91,057, according to the MCX.
Global rates held above the $2,755-mark to hit $2,759, according to the World Gold Council.
Silver Rates
Silver price stood at Rs 91,280 as of 6:30 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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