Gold prices in India hit a record high on Wednesday amid growing apprehensions of a fresh trade war escalated between the United States and China. Beijing imposed retaliatory tariffs on US imports on Tuesday in order to counter US duties on Chinese products. Earlier, US slapped 10% tariffs on all Chinese imports. 24k gold prices in India today scaled fresh high as prices jumped by Rs 1040 to Rs 86,240/10 grams and 100 grams of 24k yellow metal glittered by Rs 10,400 to settle at Rs 8,62,400 on Wednesday.
22k gold price today in the country surged by Rs 950 to Rs 79,050/10 grams and 100 grams of 22k yellow metal prices zoomed by Rs 9,500 to Rs 7,90,500. 18 k gold prices today rallied by Rs 780 to Rs 64,680/10 grams and 100 grams of 18k precious metal prices are retailing at Rs 6,46,800 after gain of Rs 7,800. Gold price today witnessed sharp rally for 2nd consecutive day.
Meanwhile, 1 gram of 18k gold prices today rose by Rs 78 to Rs 6,468, 1 gram of 22k yellow metal firmed by Rs 95 to Rs 7,905, and 1 gram of 24k gold rate soared by Rs 104 to Rs 8,624, according to Goodreturns.
Spot Gold Prices Today
Spot gold witnessed gain of 0.5% to $2,855.32 per ounce by 0501 GMT, after touching a record high of $2,858.12 earlier in the session. U.S. gold futures rallied 0.3% to $2,884.60. Spot silver surged 0.5% to $32.26 per ounce and platinum edged higher 0.8% to $970.95. Palladium declined 0.3% to $987.48, according to Reuters.
Why gold prices have been rising?
The new tariffs imposed by US on China and Beijing’s retaliatory tariffs’s measures on US imports triggered surge in yellow metal as it is perceived inflationary. Tariff war and inflation worries increased safe-haven demand. Meanwhile, the existing volatility in the equity markets and geopolitical worries are leading traders to invest in yellow metal. Leading world central banks sought to accumulate gold which boosted its upward rally.
Avinash Gupta – Vice Chairman – All India Gem and Jewellery Domestic Council (GJC) said, “gold prices have soared to an all-time high due to the global uncertainty sparked by the tariff war initiated by Trump and followed by China. This ongoing uncertainty is expected to drive gold prices towards greater volatility, as any instability in the global economy tends to push gold prices even higher.”
How Gold Prices Moved Over The Years?
Rajesh Rokde – Chairman – All India Gem and Jewellery Domestic Council (GJC) said, “the all-time high price for gold was nearly $2,000 per ounce in 2011. However, if we adjust for inflation, the highest price of gold was actually $2,845.81 per ounce, which is the current price as of February 5, 2025.”
Here are some key milestones in gold prices:
- 2025: $2,845.81 per ounce (as of February 5, 2025)
- 2011: nearly $2,000 per ounce
- 1980: $850 per ounce (not adjusted for inflation), added Rajesh Rokde.”
22k Gold Price In Last 5-Days In India (for 1 gram)
1 gram of 22k gold price in India today surged by Rs 95, rose by Rs 105 on February 4, slipped by Rs 40 on February 3, remained steady on February 2, and jumped by Rs 15 on February 1.
As per the Reuters report, “the next major inflection point for gold is probably the $3,000 figure… China may be more encouraged to keep buying gold for reserves if the trade war escalates,” said Ilya Spivak, head of global macro at Tastylive.
Gold Price Outlook: According to Mr. Colin Shah, MD, Kama Jewelry, “gold prices touched a record high of $2880 level in international markets. The rally in prices of yellow metal is due to the softness in DXY which fell from 109 to 107 level. Also, rising concerns of a likely US-China trade war amidst the Trump’s tariff threats are playing a crucial role in supporting the prices of gold. Gold prices move upwards in times of economic uncertainty, which boosts the demand for safe-haven assets like gold.”
While the US has agreed to postpone plans to impose 25% tariffs on Canada and Mexico by 30 days, they have reiterated their stance to impose 10% trade tariffs on Chinese goods. China, on the other hand, retaliated with tariffs on some US exports, which is paving the way for a possible trade war between both countries. Going forward, we reiterate our view of gold hitting levels of $3000 for international markets. In the domestic market, gold prices are expected to hit around INR 88,000 level, added Colin Shah.
Silver Prices Today In India
Silver price in India today witnessed rally as well. 1 kg silver prices in India on February 5 turned dearer by Rs 1000 to Rs 99,500. On the other hand, 100 grams silver rates today zoomed by Rs 100 at Rs 9,950.
1kg Silver price in India in last 5-days
1 kg silver prices in India today surged by Rs 100, slipped by Rs 1000 on February 4, stayed flat on February 3, February 2 and February 1.
1 Gram gold rate today In key metropolitan cities and states of India on Feb 4, 2025
| City | 22k Gold Price Per Gram |
| Chennai Gold Price Today | 22 carat gold rate is Rs 7,905 |
| Mumbai Gold Price Today | 22K gold price is Rs 7,905 |
| Delhi Gold Rate Today | 22K yellow metal price is Rs 7,920 |
| Kolkata Gold Price Today | 22 carat gold price is Rs 7,905 |
| Bangalore Gold Price Today | 22K gold rate is Rs 7,905 |
| Hyderabad Gold Prices Today | 22 carat gold rate is Rs 7,905 |
| Kerala Gold Prices Today | 22 carat gold rate is Rs 7,905 |
| Gold Price In Lucknow Today | 22 carat gold price is Rs 7,920 |
| Patna Gold Rate Today | 22k precious metal price is Rs 7,910 |
(Gold price figures source: Goodreturns.in)
Disclaimer
The story highlights gold prices and should not be considered an investment advice by Moneydaily.in or the author. Moneydaily.in and the author will not be held responsible for any losses caused as a result of decisions based on the above information. Moneydaily.in advises readers to do their own research or consult an expert before making any investment decisions.
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