Gold Prices In Big Cities Jump Sharply By Rs 11,500 On February 4; What Is Driving 24K, 22K, 18K Gold Prices?

Gold Prices In Big Cities Jump Sharply By Rs 11,500 On February 4; What Is Driving 24K, 22K, 18K Gold Prices?

Gold prices in India recorded a strong upside by hitting new record highs as concerns related to the trade war due to Donald Trump’s tariff makes safe haven bullion an attractive bet. 24K gold of 100 grams surged by Rs 11,500 on Tuesday, February 4, 2025, in many cities like Mumbai, Chennai, Bangalore, Hyderabad, and Kerala. MCX gold price neared the Rs 83,300 mark, while spot gold extended its surge to hit yet another lifetime high.

Gold Prices In India:

10 grams gold price surged by Rs 1,150 in 24K to Rs 85,200, while 10 grams of gold was up by Rs 1,050 to Rs 78,100 in 22K. Also, 10 grams of gold in 18K jumped by Rs 860 to Rs 63,900.

Meanwhile, 100 grams of gold skyrocketed by Rs 11,500 to Rs 8,52,000 in 24K and increased by Rs 10,500 to Rs 7,81,000 in 22K. Lastly, 100 grams of gold jumped by Rs 8,600 to Rs 6,39,000 in 18K.

Gold Prices In Major Cities:

A similar price surge was recorded in most of the cities of India.

Gold Prices In Chennai: 18K gold price stood at Rs 64,550 per 10 grams, while the prices were at Rs 85,200 for 24K and at Rs 78,100 for 22K of 10 grams.

Gold Prices In Mumbai: In the financial hub, 24K and 22K gold prices stood at Rs 85,200 and Rs 78,100 in 10 grams, just like in Chennai. However, the 18K gold price was cheaper to Rs 64,020 in 10 grams.

Gold prices are also the same in Kolkata, Hyderabad, Pune, Bangalore, and Kerala.

Gold Prices In Delhi: Here, 18K gold price was cheaper to Rs 64,020 per 10 grams, compared to Chennai. But gold prices in 10 grams were expensive in Delhi to Rs 85,350 in 24K and Rs 78,250 in 22K.

Silver Prices In India:

Unlike gold, silver prices plunged on February 4th. 1 kg silver was down by Rs 1,000 to Rs 98,500, while the cheapest silver is currently at Rs 98.50 in 1 gram. In cities like Kerala, Chennai and Hyderabad, silver price continues to be above Rs 1,00,000 to Rs 1,06,000 per 1kg.

MCX Gold, Silver Prices:

MCX gold futures, with an April 2025 expiry, traded lower by Rs 303 or 0.4% to Rs 82,987 per 10 grams after hitting an intraday high of Rs 83,290 per 10 grams.

Meanwhile, MCX silver price dipped marginally to Rs 94,240 per 1kg, after hitting an intraday high of Rs 94,393 per 1kg.

Spot Gold Price:

As per Trading Economics, gold steadied around $2,810 per ounce on Tuesday, holding near an all-time high reached in the previous session as tariff jitters prompted safe-haven spending. China announced retaliatory tariffs on U.S. goods after President Donald Trump’s 10% levy on Chinese imports came into effect. Meanwhile, Trump late Monday agreed to delay duties on Mexico and Canada for a month after the leaders of both countries took steps to appease his concerns about border security and drug trafficking. The inflationary impact of tariffs could further bolster gold’s appeal as a hedge against price pressures and geopolitical uncertainty.

However, this may also lead to higher interest rates, posing a challenge for non-yielding bullion. Meanwhile, investors are keenly anticipating labour data this week, particularly Friday’s nonfarm payrolls report, which could offer more insights into the strength of the U.S. economy and influence the Federal Reserve’s future policy decisions, as per Trading Economics.

What Is Driving Gold Prices On Tuesday, February 4?

Rahul Kalantri, VP of Commodities, Mehta Equities said, “Gold and silver showed solid strength and gold hit fresh lifetime highs in the international and domestic markets amid global uncertainty due to U.S. trade tariffs. Global equity markets and Crypto crashed in the early trading session and the dollar index also crossed 109 marks but the U.S. delayed tariffs for one month on Mexico and Canada amid a possible trade deal.

Kalantri added, gold and silver gained amid safe-heaven buying and global uncertainty. Gold and silver could maintain their bullish momentum amid global central banks’ buying and safe-heaven demand in the upcoming sessions.

Looking ahead, Kalantri said, “Gold has support at $2798-2780 while resistance at $2834-2848. Silver has support at $31.15-30.95 while resistance is at $31.74-31.92. In INR gold has support at Rs 82.980-82,710, while resistance at Rs 83,470-83,650. Silver has support at Rs 93,510-93,050 while resistance at Rs 94,980-95,570.”

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Original news source Credit: www.goodreturns.in

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