Today’s Gold and Silver Prices in Different Cities
Gold prices climbed Rs 250 to reach Rs 80,550 per 10 grams in the national capital on Friday, driven by consistent buying from retailers and stockists, coupled with a record low for the rupee.
New Delhi: Gold prices climbed Rs 250 to reach Rs 80,550 per 10 grams in the national capital on Friday, driven by consistent buying from retailers and stockists, coupled with a record low for the rupee.
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Silver, however, traded flat at Rs 93,000 per kilogram, according to the All-India Sarafa Association.
Gold Continues Upward Trend
The price of gold of 99.5% purity appreciated by Rs 250, closing at Rs 80,150 per 10 grams on Friday, compared to Rs 79,900 the previous day. This marks the fourth consecutive session of gains for the precious metal, supported by robust overseas demand.
Impact of Rupee Depreciation
The rupee declined by 14 paise, touching the crucial 86-mark against the US dollar for the first time. The pressure from a stronger dollar and significant foreign fund outflows contributed to this drop, further bolstering gold prices.
Weekly Performance
On a weekly basis, gold prices surged Rs 1,550, or 2%, to Rs 80,550 per 10 grams, while silver rose by 2.5%, reaching Rs 93,000 per kilogram.
Futures Market Performance
- Gold: On the Multi Commodity Exchange (MCX), gold contracts for February delivery rose by Rs 388, or 0.5%, to Rs 78,492 per 10 grams in futures trading.
- Silver: Silver contracts for March delivery increased by Rs 506, or 0.55%, to Rs 92,217 per kilogram on the MCX.
International Market Trends
- Gold: Comex gold futures rose USD 16.10 per ounce, or 0.6%, to USD 2,706.90 per ounce.
- Silver: Silver Comex futures climbed 0.6% to USD 31.20 per ounce during Asian market hours.
Key Drivers Behind the Rally
- Safe-Haven Demand: Analysts attribute the gold rally to uncertainty around US monetary policy under President-elect Donald Trump.
- Geopolitical Tensions: Concerns about global economic recovery, especially in China, and rising protectionism have fueled demand for precious metals.
- Industrial Demand for Silver: Increased demand for renewable energy technologies and electronics has driven up silver prices.
Also Read: Today’s Gold and Silver Prices in Different Cities
Expert Insights
Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, noted, “Gold extended its rally on Friday due to safe-haven demand.” Renisha Chainani, Head of Research at Augmont, added that worries over Donald Trump’s proposed policies and the UK Budget crisis have also contributed to the rise in gold prices.
According to ING Bank, geopolitical tensions and the uncertain path for China’s recovery continue to influence precious metal markets. Investors are watching US tariffs on Chinese goods and the strengthening dollar closely.
