Following the vision of Budget 2025 for India’s economic autonomy, gold prices soared to an all-time high in the domestic market on Tuesday, February 4. The price of 24-carat gold reached Rs 85,200 per 10 grams, marking a significant increase of Rs 1,150 from the previous day.
In international markets, gold prices also remained strong, hovering near their record levels. On Tuesday, global gold prices traded at $2,810 per ounce, reflecting the growing demand for the precious metal as a safe-haven asset.
Detailed Gold Price Analysis in India
The surge in gold prices was evident across various categories:
- 22-carat gold:
- 10 grams – Rs 78,100, up from Rs 77,050 (increase of Rs 1,050)
- 100 grams – Rs 7,81,000, up from Rs 7,70,500 (increase of Rs 10,500)
- 24-carat gold:
- 10 grams – Rs 85,200, up from Rs 84,050 (increase of Rs 1,150)
- 100 grams – Rs 8,52,000, up from Rs 8,40,500 (increase of Rs 11,500)
- 18-carat gold:
- 10 grams – Rs 63,900, up from Rs 63,040 (increase of Rs 860)
- 100 grams – Rs 6,39,000, up from Rs 6,30,400 (increase of Rs 8,600)
Silver Prices Decline in India
Unlike gold, silver prices saw a slight dip on Tuesday. The price of 1 kilogram of silver fell to Rs 98,500, down from Rs 99,500 on Monday, marking a Rs 1,000 decline.
- 10 grams of silver – Rs 985, down from Rs 995
- 100 grams of silver – Rs 9,850, down from Rs 9,950
MCX Gold Outlook: Strong Bullish Momentum
Gold maintained its upward momentum for the fourth consecutive session on the Multi Commodity Exchange (MCX), forming a bullish pattern on the daily chart.
According to analysts at Way2Wealth Brokers Pvt. Ltd., if MCX Gold breaks above Rs 83,500, it could rise further towards Rs 83,800 – Rs 84,000. Conversely, support levels are at Rs 82,250 – Rs 81,800, and a breakdown below Rs 81,800 could lead to further profit booking, pushing prices towards Rs 83,000 – Rs 82,700. Traders are advised to maintain tight stop losses, as gold is trading in a volatile zone.
Gold & Silver Price Outlook for the Day
On international exchanges, gold and silver prices remained steady. Nirmal Bang Securities Pvt. Ltd. noted that precious metals are expected to trade range-bound to higher for the day. Uncertainty due to global trade tensions, including tariff threats, has increased demand for safe-haven assets like gold.
As gold continues its record-breaking rally, investors are advised to watch for key resistance and support levels, ensuring strategic trading decisions in a highly volatile market.
