Gold prices in India dropped sharply on Monday, February 3, after Donald Trump’s tariff on Mexico, Canada and China escalated. 24K gold price in 10 grams slipped to hold below Rs 84,100. While the most decline was of Rs 4,400 in a single day. Meanwhile, MCX gold prices traded higher but below their all-time high levels. Spot gold price also slipped to hold around $2,780 an ounce.
Gold Prices In India:
24K gold price dropped by Rs 4,400 in 100 grams to Rs 8,40,500, while 10 grams gold slipped by Rs 440 to Rs 84,050. Meanwhile, 22K gold of 100 grams and 10 grams prices shed Rs 4,000 and Rs 400 to Rs 7,70,500 and Rs 77,050 respectively. Further, 100 grams of gold dipped by Rs 3,30 to Rs 6,30,400 and 10 grams of gold fell by Rs 330 to Rs 63,040 in 18 carats.
Gold Prices In Major Cities:
Gold prices in Chennai: 18K gold prices were at Rs 63,650 per 10 grams, while 24K and 22K gold prices were at Rs 84,050 and Rs 77,050 per 10 grams.
Gold Prices In Mumbai: Here, 18K gold prices stood at Rs 63,040 per 10 grams cheaper than Chennai, but 24K and 22K gold prices remained the same at Rs 84,050 and Rs 77,050 per 10 grams.
Gold prices were similar in cities like Hyderabad, Kerala, Bangalore, Pune, Kolkata and Pune.
Gold Prices In Delhi
Silver Prices In India:
Silver prices were unchanged at Rs 99,500 per 1kg. However, in cities like Hyderabad, Chennai and Kerala, silver stood highest at Rs 1,07,000 per 1kg.
MCX Gold, Silver Prices:
MCX gold with April 2025, surged to hit an intraday high of Rs 82,629 per 10 grams, before trading at Rs 82,550 per 10 grams which was up by Rs 246 or 0.30%.
Also, MCX silver price with March 2025 expiry surged by Rs 33 to trade at Rs 93,247 per 1kg, after hitting an intraday high of Rs 93,556 per 1kg.
Spot Gold Prices:
As per Trading Economics, gold dropped to around $2,780 per ounce on Monday, as a surge in the U.S. dollar outweighed safe-haven demand amid fears of a global trade war following U.S. tariff measures. President Donald Trump imposed a 25% tariff on Canadian and Mexican imports and a 10% tariff on Chinese goods, effective Tuesday. Canada and Mexico immediately vowed retaliatory measures, while China said it would challenge Trump’s levies at the World Trade Organization.
Trading Economics data further highlighted that while such a scenario typically drives up gold prices due to increased safe-haven demand, the strengthening dollar and the outlook for interest rates are offsetting these pressures. A rising dollar makes gold more expensive for foreign buyers, and the inflationary impact of the tariffs may keep borrowing costs elevated, which could weigh on bullion as it doesn’t pay interest. Profit-taking also contributed to the decline, as gold had recently reached an all-time high.
Furthermore, Rahul Kalantri, VP of Commodities, Mehta Equities said, gold and silver witnessed high volatility last week and slipped from their highs amid strength in the dollar index and the beginning of the U.S. trade tariff war. The dollar index crossed the 108 mark once again after the U.S. imposed 25% tariff on Mexico and Canada and 10% tariff on China last week. The dollar index also gained amid weakness in the Euro after a downbeat European data. However, the finance minister back home maintained the status quo on import duty of gold and silver in the Union budget that supported the metal prices. Gold and silver are holding their key support levels of $2,722 and $30.20 per troy ounce respectively on a weekly closing basis in the international markets.
Looking ahead, Kalantri added gold has support at $2774-2760 while resistance is at $2817-2832. Silver has support at $31.15-30.95 and resistance is at $31.65-31.80. In rupee terms, gold has support at Rs81.980-81,710, while resistance is at Rs82,070-82,350. Silver has support at Rs92,710-92,050 while resistance is at Rs93,980-94,570.
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