Umair
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Gold and silver showed very high price volatility and gold prices hit $2,900 per troy ounce levels in the international markets for the first time.
Gold Prices Today.
After touching all-time high levels, gold prices in India have cooled a bit and opened at Rs 84,460 per 10 grams on the MCX. However, resuming the rally, the gold rate rose to Rs 84,635 per 10 grams in the early trade as of 9:54 am. Silver, on the other hand, was trading lower by 0.36 per cent at Rs 95.620 per kg.
The gold rate had hit its all-time high of 85,210 per 10 grams in the previous session on Wednesday, amid weakness in the rupee and profit-taking in the dollar index.
Rahul Kalantri, vice-president (commodities) of Mehta Equities Ltd, said, “Gold and silver showed very high price volatility and gold prices hit $2,900 per troy ounce levels in the international markets for the first time. Gold prices also hit record highs in the domestic markets amid weakness in the rupee and profit-taking in the dollar index.”
The dollar index slipped below 108 marks and supported gold and silver prices, he added.
“However, an increase in the ADP non-farm employment to 1,83,000 limits gains of precious metals,” Kalantri added.
On the silver prices, he said its prices plunged after upbeat US ADP non-farm payroll data but safe-haven buying is supporting bullion prices.
Will Gold Rate Resume Upside Movement?
“Gold and silver could hold its key support levels of $2,770 and $31.40 per troy ounce, respectively, on a weekly closing basis in the international markets. Gold has support at $2,851-2,838 while resistance at $2,897-2,912. Silver has support at $31.98-31.78 while resistance is at $32.45-32.64,” Kalantri said.
In rupee terms, gold has support at Rs 84,240-83,960, while resistance at Rs 84,880-85,240. Sliver has support at Rs 95,350-94,650 while resistance at Rs 96,550-97,250, he added.
Importantly, these are the gold and silver prices of the futures market. following are the prices of the spot market:
Here’s a detailed breakdown of gold prices across key cities (February 6, 2025):
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 79,450 | Rs 86,660 |
| Mumbai | Rs 79,300 | Rs 86,510 |
| Chennai | Rs 79,300 | Rs 86,510 |
| Kolkata | Rs 79,300 | Rs 86,510 |
What Factors Affect Gold Prices in India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
Known for its unmatched purity, 24-carat gold continues to attract buyers seeking premium quality. Meanwhile, 22-carat gold, prized for its durability and timeless charm, remains a favourite among jewellery enthusiasts and investors alike, striking a balance between elegance and practicality.
