Synopsis
On February 5, gold prices in India soared to an all-time high of Rs 8,432 per gram, reflecting an increase of Rs 1,322 from the previous day. This surge is attributed to heightened safe-haven buying amid global uncertainties, particularly in response to US tariffs and inflationary pressures.Key Takeaways
- Gold reaches an all-time high of Rs 8,432 per gram in India.
- Increase of Rs 1,322 from Rs 8,310 on February 4.
- Driven by safe-haven demand amid global uncertainties.
- Motilal Oswal highlights inflationary perceptions linked to US tariffs.
- Silver prices remain stable with minor fluctuations.
Mumbai, Feb 5 (NationPress) The price of gold in India soared to a historic peak of Rs 8,432 per gram on Wednesday, marking an increase of Rs 1,322 from Rs 8,310 on February 4, driven by safe-haven buying amidst global instability.
Experts suggest that the surge in gold prices is largely due to increased safe-haven demand following China's reaction to US tariffs, which were originally imposed by former President Donald Trump, affecting the world's largest gold consumer.
According to Motilal Oswal Financial Services Limited, the market perceives US tariffs as inflationary, thereby enhancing the demand for bullion, which is traditionally regarded as a safeguard against inflation and geopolitical unrest.
As for 22-carat gold, it was priced at Rs 8,230 per gram. On the Multi Commodity Exchange (MCX), April gold futures reached a remarkable high of Rs 84,200 per 10 grams.
In Delhi, 24-carat gold was valued at Rs 85,383 per 10 grams, while in Chennai, it stood at Rs 85,231 per 10 grams.
In Mumbai and Kolkata, gold was trading at Rs 85,237 and Rs 85,235 per 10 grams, respectively.
Conversely, silver prices remained relatively stable. March silver futures on MCX were priced at Rs 95,674 per kilogram.
However, silver has seen a rise of Rs 1,400 per kilogram so far this week.
Chennai recorded the highest silver price at Rs 1,08,600 per kilogram, while Delhi had the lowest at Rs 1,01,500 per kilogram.
In Mumbai, silver was trading at Rs 1,00,800 per kilogram, while in Kolkata it was priced at Rs 1,02,300 per kilogram.
On the international front, spot gold rose by 0.2 per cent to $2,847.33 per ounce, having previously reached an all-time high of $2,848.94 per ounce.
US gold futures remained stable at $2,876.10 per ounce. Spot silver also gained 0.2 per cent, reaching $32.15 per ounce.
