Gold price in India stood at Rs 83,890 per 10 grams as of 7:45 a.m. on Feb. 4, according to the India Bullion Association. The prices saw more than Rs 500 increase compared to Tuesday, marking a new record high.

Rates in New Delhi stood at Rs 83,590 per 10 grams, while the price in Mumbai was higher at Rs 83,730. In Kolkata, the rate stood at Rs 83,620, while in Bengaluru, the rate crossed Rs 83,800, according to the association. With the price at Rs 83,980, Chennai continued to see the highest rate in the country.

In the Union Budget 2025, announced by Finance Minister Nirmala Sitharaman on Feb. 1, there were no specific changes that were made around the commodity. The customs duty cut announced during the previous budget remained the last change made in the space.

This was in line with expectations. According to experts, the changes made in the previous budget are still settling into the system. The prices have also been rising on account of various factors, including global tensions like Trump’s tariffs that are currently on hold for Canada and Mexico.

Global And Futures Rates

Global spot gold prices settled at $2,843, according to the World Gold Council. Hitting a fresh record driven by the changes in Trump’s tariffs, the global rates have been hovering over highs because of the escalated tension. The global rate of the yellow metal had hit an all-time high of $2,817 on Jan. 31, according to Bloomberg. With recent developments pointing to a one month pause on the Canada and Mexico tariffs, the safe-haven commodity continues to see demand.

The futures prices for Feb. 5, 2025 stood at Rs 83,800 and the silver futures prices were at Rs 95,750, 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 Rate

Silver price stood at Rs 96,080 as of 7:45 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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