Gold price in India stood at Rs 85,020 per 10 grams as of 6:50 a.m. on Feb. 10, according to the India Bullion Association. Rates in New Delhi stood at Rs 84,720 per 10 grams, while the price in Mumbai was higher at Rs 84,870. In Kolkata, the rate stood at Rs 84,750, while in Bengaluru, the rate crossed Rs 84,900, according to the association. With the price at Rs 85,110, Chennai continued to see the highest rate in the country.

The global rates had rallied in the last few days and had been near $3,000, according to Bloomberg. The commodity, pushed higher due to the policy related tension from the Trump administration, the commodity is set to get even more expensive.

A safe-haven investment now more than ever, global investors’ demand has driven prices of gold higher, as both banks and central banks are on a dash to buy the yellow metal.

Domestically, gold investments soared by 60% in value terms to $18 billion, or approximately Rs 1.5 lakh crore in 2024, as compared to 2023, according to a report released by the World Gold Council last week.

In absolute terms, the demand for gold as investment stood at 239 tonnes in India, which is the “highest since 2013”, WGC stated. This is 29% higher, as compared to 185 tonnes in 2023.

Indian gold investment remained strong in the October-December quarter at 76 tonnes, almost matching the performance of the July-September quarter, the report added.

Global Rates And Futures

Global spot gold prices settled at $2,867, after the high, according to the World Gold Council. The global rates have been hovering over highs because of the escalated tension due to Trump’s tariffs. The global rate of the yellow metal had hit an all-time high of $2,886 on Feb. 2, according to Bloomberg.

The futures prices for Feb. 5, 2025 stood at Rs 84,900 and the silver futures prices were at Rs 95,285, according to the Multi Commodity Exchange. The futures prices were also hovering near all-time highs during the week running up to the Budget, according to the MCX.

Silver Rates

Silver price stood at Rs 95,650 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 the surge.

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