Gold Hits Record High in India

Gold Prices Soar to Record Highs in India

Gold prices in India hit a new record high on Feb. 4, 2025, crossing Rs 83,890 per 10 grams. This marks a significant increase of over Rs 500 compared to the previous day’s prices. Major cities across the country witnessed this surge, with rates varying slightly. New Delhi saw prices around Rs 83,590, while Mumbai recorded slightly higher rates at Rs 83,730. Kolkata wasn’t far behind at Rs 83,620, and Bengaluru crossed Rs 83,800. Chennai continued to lead with the highest rate in the country at Rs 83,980. This [[price rise]] is a major market update for today.

No Changes in Gold Policy in Recent Budget

The Union Budget 2025, presented on Feb. 1 by Finance Minister Nirmala Sitharaman, didn’t introduce any new changes regarding gold. The existing policies, including the customs duty cuts from the previous budget, remain in effect. Experts suggest that these previous changes are still impacting the market and contributing to the price fluctuations.

Global Factors Fueling the Gold Rush

The global gold market has also been experiencing significant activity. Global spot gold prices settled at $2,843, reaching new highs amidst international trade tensions. Global rates have been volatile recently. In fact, global gold prices hit an all-time high of $2,817 on Jan. 31, 2025. The ongoing global uncertainties and trade negotiations play a crucial role in driving the demand for gold as a safe-haven asset.

Gold Futures Also Reach New Heights

The upward trend is reflected in the futures market as well. Gold futures for Feb. 5, 2025, stood at Rs 83,800 on the Multi Commodity Exchange (MCX). Silver futures were also trading high at Rs 95,750. These futures prices had been nearing all-time highs throughout the week leading up to the budget announcement.

Silver Follows Gold’s Upward Trajectory

Silver prices also saw a rise, reaching Rs 96,080. The increasing demand for silver in industrial applications, especially in renewable energy and electronics, contributes to its price surge.

What This Means for Investors

The continued rise in gold and silver prices presents both opportunities and challenges for investors. While the market shows strong momentum, the volatility requires careful consideration. It’s essential to stay updated on the latest market news and analysis to make informed investment decisions in these uncertain times.

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