Mumbai, Feb 5 || TC - Gold prices in India reached a historic peak on Wednesday, touching Rs 8,432 per gram, marking an increase of Rs 1,322 from the previous day’s rate of Rs 8,310, driven by strong demand for safe-haven assets amid growing geopolitical tensions.
Experts pointed out that gold's price surge was fueled by heightened safe-haven demand, especially after China retaliated against US tariffs, which were first introduced by President Donald Trump, targeting the world’s largest gold consumer.
Motilal Oswal Financial Services Ltd. stated that the market sees the US tariffs as inflationary, leading to a rise in demand for gold as a traditional hedge against inflation and geopolitical unrest.
In the market, 22-carat gold was valued at Rs 8,230 per gram. On the Multi Commodity Exchange (MCX), April gold futures reached a fresh high of Rs 84,200 per 10 grams.
In Delhi, 24-carat gold was priced at Rs 85,383 per 10 grams, while in Chennai, it was selling at Rs 85,231 per 10 grams.
Gold was trading at Rs 85,237 per 10 grams in Mumbai and Rs 85,235 per 10 grams in Kolkata.
In contrast, silver prices remained relatively stable, with March silver futures on the MCX trading at Rs 95,674 per kilogram. However, silver has gained Rs 1,400 per kilogram so far this week.
Chennai saw the highest silver price at Rs 1,08,600 per kilogram, while Delhi recorded the lowest at Rs 1,01,500 per kilogram.
In Mumbai, silver was trading at Rs 1,00,800 per kilogram, and Kolkata saw prices of Rs 1,02,300 per kilogram.
On the international front, spot gold rose by 0.2% to $2,847.33 per ounce, briefly hitting a new all-time high of $2,848.94 per ounce. US gold futures remained steady at $2,876.10 per ounce, while spot silver also gained 0.2% to $32.15 per ounce.