Gold price in India stood at Rs 78,900 as of 6:50 a.m. on Wednesday, according to the India Bullion Association. The price of gold saw a sharp rise of Rs 700, compared to Tuesday’s prices.
Rates in New Delhi stood at Rs 79,320, while the price in Mumbai was higher at Rs 79,450. In Kolkata, the rate stood at Rs 79,350, while in Bengaluru, the rates crossed Rs 79,520, according to the association. At Rs 79,690, Chennai continued to see the highest rates in the country.
While potential tariffs push global rates higher, the focus is on cues like the Budget in the domestic market. The price of the precious commodity continues to inch higher after recovering from lows.
“Geopolitical triggers are not the only triggers for Indian prices. One area of growth is the investment bar and coin demand that went up by 47%, and was 81% up on the value front. In quarter three, the volume growth was recorded at 42%, and the value increased by 83% because of high gold prices. This is not a geo-political sentiment, but gold as an asset class for Indians,” said Sachin Jain, regional chief executive officer of India of World Gold Council.
Ahead of the Budget, Jain expects status quo as the government had taken a strong step and imposed a cut in customs duty to reduce smuggling.
Global Rates And Futures
Future prices of gold for Feb. 2, 2025 stood at Rs 79,238, according to the Multi Commodity Exchange. Silver future prices for Feb. 5, 2025 stood at Rs 92,150, according to the MCX.
Global rates held above the $2,740-mark to hit $2,747, according to the World Gold Council.
Silver Rates
Silver price stood at Rs 92,360 as of 6:50 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 demand for silver.
. Read more on Markets by NDTV Profit.Gold price today saw a sharp rise compared to Tuesday’s prices, as it rose by Rs 700. Read MoreMarkets, Business, Economy & Finance, Notifications
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