Gold price in India today witnessed fall after hovering to record high levels in previous session amid soaring worries of world trade war following US President Donald Trump’s tariffs measures on Mexico, China, and Canada. 24k gold prices in India declined by Rs 440 to Rs 84,050/10 grams and 100 grams of 24k precious metal prices fell by Rs 4400 to Rs 8,40,500 on Monday.
On the other hand, 22k gold prices on Monday retreated by Rs 400 to Rs 77,050 and 100 grams of 22k yellow metal prices dived by Rs 4400 to Rs 7,70,500. 10 grams of 18k gold price today settled at Rs 63,040 as prices slipped by Rs 330 while 100 grams of 18k yellow metal prices are retailing at Rs 6,30,400 after decline of Rs 3,300.
1 gram gold rate today for 22k in India today stood at Rs 7705 and 1 gram of 24k gold rate in the country is retailing at Rs 8405. 1 gram of 18k yellow metal price is Rs 6304, according to Goodreturns.in.
Why Gold Prices Declined Today?
Mr. Colin Shah, MD, Kama Jewelry said, “gold prices saw correction in its prices in today’s trading session. The key factors behind this correction could be attributed to the rise in dollar index which rose by 1% to trade above 109 levels. The US has imposed a 25% tariff on all goods imported from Mexico and Canada and 10% on Chinese goods. Following this, Mexico and Canada has also retaliated with levies against US after Trump imposes tariffs on them. China will devalue its currency in line with the tariffs announced.
The effects of these were observed in the domestic market as well where INR has hit all-time low of 87.20/$ post rise in the dollar index. Moving ahead, gold prices will see some corrections till the rally continues in dollar index. We expect gold prices to be in focus in 2025 which will be driven by the Trump’s stance on tariffs, added Colin Shah.
Spot Gold Prices Today
Spot gold declined 0.6% to $2,784.30 per ounce by 0534 GMT after rates touched a record high peak at $2,817.23 on Friday. U.S. gold futures slipped 0.7% to $2,815.20. Spot silver declined 1.3% to $30.91 per ounce, platinum edged lower 1.5% to $963.10 and palladium fell 0.5% to $1,003.34, added the Reuters report.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Trump’s aggressive tariff policies triggered a stronger dollar rally. The U.S. administration imposed a 25% tariff on Canada and Mexico and a 10% tariff on China, with additional threats of higher duties on the Eurozone. A direct warning to BRICS nations against de-dollarization has escalated trade tensions, with Trump signaling 100% tariffs on BRICS if they push for alternatives to the dollar. The uncertainty surrounding global trade imbalances has fueled continued gold buying. The next target is ₹83,000, with support at ₹81,500.”
22k Gold Price In Last 5-Days In India (for 1 gram)
1 gram of 22k gold price in India today declined by Rs 40, remained steady on February 2, surged by Rs 15 on February 2, rallied by Rs 120 on January 31, and zoomed by Rs 15 on January 30.
According to Reuters, “While tariff announcements should have typically driven up gold prices due to increased safe-haven demand, a higher dollar and expectations of fewer rate cuts are exerting pressure, Reliance Securities’ senior analyst Jigar Trivedi said. Earlier on Saturday, Donald Trump imposed 25% tariffs on Canada, Mexico and 10% on China.
Silver Prices Today In India
Silver price in India today remained steady yet again. 1 kg silver prices in India on February 3, 2025 are retailing at Rs 99,500. On the other hand, 100 grams silver rates in the country on Monday stood at Rs 9,950.
1 Kg Silver price in India in last 5-days
1 kg silver prices in India today stood flat, remained unmoved on February 2 and February 1, surged by Rs 1000 on January 31, jumped by Rs 2000 on January 30.
1 Gram gold rate today In key metropolitan cities and states of India on Feb 3, 2025
| City | 22k Gold Price Per Gram |
| Chennai Gold Price Today | 22 carat gold rate is Rs 7,705 |
| Mumbai Gold Price Today | 22K gold price is Rs 7,705 |
| Delhi Gold Rate Today | 22K yellow metal price is Rs 7,720 |
| Kolkata Gold Price Today | 22 carat gold price is Rs 7,705 |
| Bangalore Gold Price Today | 22K gold rate is Rs 7,705 |
| Hyderabad Gold Prices Today | 22 carat gold rate is Rs 7,705 |
| Kerala Gold Prices Today | 22 carat gold rate is Rs 7,705 |
| Gold Price In Lucknow Today | 22 carat gold price is Rs 7,720 |
| Patna Gold Rate Today | 22k precious metal price is Rs 7,710 |
(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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