New Delhi, Feb 3 (PTI) – Gold prices surged ₹400 on Monday, reaching a fresh record high of ₹85,300 per 10 grams in the national capital, driven by sustained demand from jewellers and stockists, according to the All India Sarafa Association. The rally in gold prices was further fueled by the sharp depreciation of the rupee and firm global market trends.
Gold of 99.9% purity, which had closed at ₹84,900 per 10 grams on Saturday, extended its rally for the fourth consecutive session. Meanwhile, gold of 99.5% purity also climbed ₹400, settling at ₹84,900 per 10 grams. The previous trading session had seen the yellow metal closing at ₹84,500 per 10 grams.
Silver Follows Suit, Extends Gains
Continuing its upward momentum, silver prices also surged ₹300, reaching ₹96,000 per kg. The metal had ended at ₹95,700 per kg in the previous session, marking a steady rise over five consecutive sessions.Rupee Plunges to Record Low
On the currency front, the Indian rupee plummeted 55 paise to close at an all-time low of 87.17 per US dollar. The depreciation was attributed to negative global market sentiment following the Trump administration’s imposition of tariffs on Canada, Mexico, and China.Gold Futures Gain on Safe-Haven Demand
In futures trading on MCX, gold contracts for April delivery jumped ₹461 (0.56%), reaching ₹82,765 per 10 grams. The surge came amid rising concerns over a potential "Trade War 2.0" triggered by new US tariffs.“Gold rallied on MCX as investors increased allocations, driven by escalating trade tensions,” said Jateen Trivedi, VP Research Analyst, Commodity & Currency, LKP Securities.
On Saturday, gold for April delivery had already spiked ₹1,127, hitting an all-time high of ₹83,360 per 10 grams, coinciding with Union Finance Minister Nirmala Sitharaman’s presentation of the Union Budget 2025-26.
Meanwhile, silver futures for March delivery appreciated ₹436 (0.47%), trading at ₹93,650 per kg.
International Gold Prices Ease Amid Dollar Strength
Despite the domestic rally, global gold prices showed weakness. Comex gold futures fell $7.50 per ounce (0.26%), settling at $2,827.50 per ounce.“Gold resumed trading on a weaker note, pressured by a stronger US dollar and long liquidation. The dollar surged to a three-week high after President Donald Trump imposed fresh tariffs over the weekend,” noted Saumil Gandhi, Senior Commodities Analyst at HDFC Securities.
On Friday, global gold futures for April hit an all-time high of $2,862.90 per ounce.
Key Economic Events to Influence Bullion Prices
The upcoming week is expected to be critical for commodities, with key US macroeconomic data—JOLTs job openings, ISM services, ADP employment, and non-farm payroll reports—set to shape bullion price trends, said Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Mirae Asset Sharekhan.Silver prices also mirrored the trend, with Comex silver futures in Asian trading slipping 0.50% to $32.10 per ounce.
As global uncertainties mount, all eyes remain on the bullion market, which continues to react to currency fluctuations, trade policies, and macroeconomic indicators.
