Big Fall In Gold Prices In India Post Budget 2025: 22k/100g Slips Rs. 4000; Check Latest Gold Rates For Feb 3

Big Fall In Gold Prices In India Post Budget 2025: 22k/100g Slips Rs. 4000; Check Latest Gold Rates For Feb 3

Gold prices in India have fallen across all purities today, following a surge to record highs last week. Gold rates in India saw a substantial 3% increase over the past week, with consecutive gains fueled by market anticipation surrounding the Union Budget 2025 announcement. However, today’s drop in India gold rates comes amid heightened global uncertainty, particularly following U.S. President Donald Trump’s tariff imposition on Saturday. As per Reuters, Trump announced a 25% tariff on imports from Canada and Mexico and a 10% levy on Chinese goods, effective from Tuesday.

On 3rd February 2025, 22-carat gold rates in India slipped by Rs 400 per 10 grams to cost Rs. 77,050, while the 24-carat gold rates declined by Rs. 440 to retail at Rs. 84,040 per 10 grams.

For heavy weight quantities, 100 grams of 24-carat gold rates are now priced at Rs. 840,400 after witnessing the decline of Rs. 4400, while the 22-carat gold fell by Rs. 4000 to cost Rs. 7,70,500. Just like that, 18-carat gold rates in India also experienced this fall, which made the yellow metal dip to Rs. 3,300 per 100 grams to retail at Rs. 6,30,400.

Silver rates in India today

Silver prices in India on 3rd February slipped, breaking the stability for six consecutive sessions. Silver rates in India per kilogram are down. By Rs. 100, it costs Rs. 99,400 per kg. The price of 100 grams of silver was Rs. 9,940, a decline of Rs. 10.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures, slated to mature on April 4, 2025, also experienced a decline, trading at Rs. 82,262, after dropping 0.05%. Similarly, silver futures, with an expiry date of March 5, 2025, showed a dip during the trading session. Prices declined by 0.43% to Rs. 92,817.

International Gold and Silver Prices Update

Gold prices took a hit on Monday following last week’s record highs. According to Reuters, spot gold fell 0.9% to $2,776.05 per ounce by 0303 GMT, retreating from the record peak of $2,817.23 reached on Friday. The sharp decline follows a period of bullish momentum driven by global uncertainty and investor demand for safe-haven assets.

In U.S. gold futures, the price also dropped 0.9%, trading at $2,810.80, mirroring the trend in spot gold. Despite the recent surge, gold prices have faced downward pressure as some investors lock in profits following last week’s rally. Similarly, spot silver saw a significant drop, falling 1.4% to $30.87 per ounce.

Market Experts on Bullion Outlook

According to a research report by India Bullion and Jewelers Association Ltd., “Gold hit another record on Friday, with investors flocking to safe havens after US President Donald Trump reiterated threats to impose tariffs on Mexico and Canada. Bullion topped $2,800 for the first time on Friday. The surge came after Trump said he would follow through on imposing 25% levies on imports from Canada and Mexico on Feb. 1. He also threatened China with measures, without specifying a level. The precious metal, on track for its fifth consecutive weekly gain, has benefited from haven demand as Trump’s tariff threats spur fears of trade wars that could sap economic growth. There are also worries that his pledges to cut taxes and overhaul immigration may erode US finances and reignite inflation. Federal Reserve Chair Jerome Powell said Wednesday that the US central bank was in “wait-and-see” mode with regard to the potential impact of the new administration’s policies. The Federal Open Market Committee left interest rates unchanged this week as expected-after cuts at each of the three previous meetings since September-and indicated that stalled progress toward lower inflation warranted a patient approach. The latest data on Friday showed the Fed’s preferred measure of underlying inflation remained muted in December and real incomes were soft, which should support further reductions in interest rates this year. India will introduce a new classification for the import of high-purity silver and gold from May 1, putting those under a tax rate of as much as 10%, Sanjay Agarwal, Chairman of the Central Board of Indirect Taxes and Customs, told Bloomberg News. India lowered the tariff rate for articles of jewelry and parts to 20% from 25%, Finance Minister Nirmala Sitharaman said in her budget speech on Saturday.”

fbq('track', 'PageView');

Original news source Credit: www.goodreturns.in

You must be logged in to post a comment Login