Gold prices in leading metropolitan cities of India witnessed steep rise on Wednesday in the wake of rising uncertainties of new trade war triggered between United States and China as Beijing slapped retaliatory tariffs on US imports on Tuesday to counter US duties on its products. Previously, US President Donald Trump imposed 10% tariffs on all Chinese imports. Gold prices in different cities of India surged on February 5, 2025 for second day in a row. Check details below:
Delhi Gold Rate
24k gold price in Delhi today rose by Rs 1040 to Rs 86,390/10 grams and 100 grams of 24k precious metal stood at Rs 8,63,900 after surge of Rs 10,400. 22k yellow metal prices in the national capital today zoomed by Rs 950 to Rs 79,200/10 grams and 100 grams of 22k precious metal prices are retailing at Rs 7,92,000. 18k gold price in Delhi is Rs 64,800/10 grams after gain of Rs 780 and 100 grams of 18k yellow metal price is Rs 6,48,000 after rally of Rs 7,800.
Mumbai Gold Price
If you are in the financial capital of India, you will need to pay Rs 79,050/10 grams for 22k gold after prices surged by Rs 950 and 100 grams of 22k gold price today stood at Rs 7,90,500 as rates rose by Rs 9,500. 24k gold price in Mumbai on Wednesday stood at Rs 86,240/10 grams and 100 grams of 24 carat yellow metal stood at Rs 8,62,400 after gain of Rs 1040 and 10, 400 respectively. For 18k gold price in Mumbai, you need to shell out Rs 64,680 and 100 grams of 18k yellow metal is selling for Rs 6,46,800, according to Goodreturns.in
Gold Price Chennai
22K gold price in Chennai firmed by Rs 950 to Rs 79,050/10 grams and 100 grams of 22 carat precious metal rose by Rs 9500 to Rs 7,90,500. 24K gold price today in Chennai surged by Rs 1040 to Rs 85,240/10 grams and 100 grams of 24k precious metal gained by Rs 10,400 to Rs 8,62,400.
If you are thinking of buying 18k gold in Chennai, you will have to pay Rs 65,350/10 grams after jump of Rs 800 and 100 grams of 18 carat yellow metal turned dearer by Rs 8000 to settle at Rs 6,53,500.
Gold prices are cheaper in Chennai and Mumbai today as compared to the national capital.
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 Rates Witnessed Steep Rally In Last 2-Days?
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.”
According to Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL), “Beijing levied a 10% tax on American oil and farm equipment and a 15% duty on less than $5 billion worth of US energy imports, including coal and LNG. Additionally, it will look into Google’s possible antitrust infractions. Hong Kong and mainland China will be subject to 10% additional US duties, according to a notification released by US Customs and Border Protection on Wednesday. Gold has given a breakout above $2850. We may see strength towards the psychological level of $3000 (~Rs 86000).”
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.
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.
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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