Gold prices in India saw an upward trend on Monday, February 10, as growing trade tensions between the United States and China pushed investors toward safe-haven assets. This marks the fifth consecutive session of rising gold rates. Analysts predict that price fluctuations may continue throughout the week, influenced by key economic indicators such as U.S. retail sales, GDP, inflation statistics, and other domestic and global financial data.
Gold Prices in India Today
The price of 24-carat gold in India reached Rs 8,706 per gram, while 22-carat gold was priced at Rs 7,980 per gram. The cost of 22k gold for 10 grams increased by Rs 350, reaching Rs 79,800 from the previous Rs 79,450. Meanwhile, 100 grams of 22k gold is now priced at Rs 7,98,000, reflecting a rise of Rs 3,500.
Similarly, 24k gold prices for 10 grams climbed by Rs 390, reaching Rs 87,060 compared to Rs 86,670 on Saturday. The cost of 100 grams of 24k gold surged to Rs 8,70,600, marking an increase of Rs 3,900.
For 18k gold, 10 grams now cost Rs 65,290, up by Rs 280, while 100 grams of 18k gold rose by Rs 2,800, settling at Rs 6,52,900 from Rs 6,50,100 on Saturday.
Global Gold and Silver Market Update
On the global front, spot gold continued its bullish trend, rising 0.5% to $2,875.79 per ounce as of 04:03 GMT on Monday, following its recent peak of $2,886.62 on Friday. U.S. gold futures mirrored this movement, increasing by 0.5% to $2,902.40.
Other precious metals also showed strength:
- Platinum edged up 0.1% to $977.60 per ounce.
- Silver rose 0.6% to $31.99 per ounce.
- Palladium climbed 0.1% to $966.10 per ounce.
Silver Prices in India
Domestic silver prices remained stable despite international silver reaching a three-month high of $32.5 per ounce on Friday. In India, silver is currently priced at Rs 99.50 per gram and Rs 99,500 per kilogram.
MCX Gold and Silver Outlook
Gold Outlook
Technical analysts observed that MCX Gold tested the Rs 85,000 level during intraday trading, forming a bullish pattern. Analysts at Way2Wealth Brokers Pvt. Ltd. highlighted that the trend indicates strong buying interest, with the commodity consistently forming higher highs and higher lows.
- If MCX Gold breaks above Rs 85,000, it may advance toward Rs 85,500–Rs 85,800.
- Support levels are seen at Rs 84,450–Rs 84,000, and a drop below Rs 84,000 may lead to profit booking, pushing prices lower to Rs 83,800–Rs 83,500.
- Traders are advised to set tight stop losses due to expected volatility.
Silver Outlook
MCX Silver maintained its upward momentum for the second consecutive session, forming a bullish candle on the weekly chart. Analysts noted a positive breakout from a symmetrical triangle pattern, suggesting continued upward movement.
- Key resistance levels: Rs 96,600–Rs 98,000.
- Support levels: Rs 93,800–Rs 92,000.
- Analysts recommend a “Buy on Dips” strategy for short-term gains.
Conclusion
Gold and silver prices remain strong amid global economic uncertainty, with investors turning to safe-haven assets. Traders should closely monitor global economic data and technical indicators as price movements are expected to be volatile in the coming days.
