What is the story about?
Gold, Silver Price Today: After routing sharply following the panic selloff of high-leverage positions due to the strengthening US dollar and the cool-off of geopolitical tensions, gold and silver on Tuesday rebounded to begin climbing again.
In India, gold and silver prices also surged amidst the US-India trade deal, in which Trump administration has announced to lower tariffs on Indian goods to 18 per cent from 50 per cent, the lowest in comparison to other countries.
On MCX, gold futures surged 2.86 per cent to trade at Rs 1,48,106 per 10 grams, while silver futures traded 6.6 per cent higher to Rs 2.51 per kg.
At COMEX, gold futures jumped 3.88 per cent to trade at $4,833.10 per ounce, while silver futures witnessed a sharp gain of 6 per cent to trade at $83.020 per ounce.
In the spot market, gold and silver prices fell though, with silver falling almost Rs 20,000 to come down at Rs 2,80,000 per kg.
Gold prices in India saw a sharp fall on February 2, extending the correction from their record highs. Silver prices also followed a similar trend. At present, MCX gold is down about 24% from its peak, while MCX silver has plunged nearly 42% from its highest levels.
What
Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On February 03?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,39,250 | Rs 1,51,900 |
| Jaipur | Rs 1,39,250 | Rs 1,51,900 |
| Ahmedabad | Rs 1,39,150 | Rs 1,51,800 |
| Pune | Rs 1,39,150 | Rs 1,51,800 |
| Mumbai | Rs 1,39,100 | Rs 1,51,750 |
| Hyderabad | Rs 1,39,100 | Rs 1,51,750 |
| Chennai | Rs 1,39,100 | Rs 1,51,750 |
| Bengaluru | Rs 1,39,100 | Rs 1,51,750 |
| Kolkata | Rs 1,39,100 | Rs 1,51,750 |
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
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