Gold price in India rose to Rs 85,450 per 10 grams as of 7:40 a.m. on Feb. 28, according to the India Bullion Association.
Rates in New Delhi stood at Rs 85,150 per 10 grams, while price in Mumbai was higher at Rs 85,300 on Friday. In Kolkata, the rate stood at Rs 85,190, while in Bengaluru the rate crossed Rs 85,370, according to the association. With the price at Rs 85,550, Chennai continued to see the highest rate in the country.
This week, gold prices jumped by Rs 250 to Rs 89,350 per 10 grams on Tuesday, extending gains for the second day amid depreciation in Rupee, according to the All India Sarafa Association. The gold of 99.5% purity rose by Rs 250 to Rs 88,950 per 10 grams from the previous close of Rs 88,700 per 10 grams.
On Feb. 20, gold of 99.9% and 99.5% purity hit all-time highs of Rs 89,450 and Rs 89,050 per 10 grams, respectively. On Tuesday, the Rupee fell sharply by 51 paise against the US dollar. This slip was due to month-end dollar demand by importers, further supported by the uncertainty over US trade tariffs.
Global And Futures Rates
Global spot gold prices were higher at $2,880, according to the World Gold Council. The global rates have been hovering over highs, with tension around Trump’s tariffs, that were pushed higher by other global cues.
The previous high recorded for the global rate was $2,954 on Feb. 24, according to WGC. The futures prices for April 4 stood at Rs 85,210, according to the Multi Commodity Exchange. The silver futures price was at Rs 96,605, according to MCX.
Silver Rates
Silver price stood at Rs 95,640 as of 7:40 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.
. Read more on Markets by NDTV Profit.Gold price in India rose to Rs 85,450 per 10 grams as of 7:40 a.m. on Feb. 28. Read MoreMarkets, Business, Notifications
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