Gold Prices in India Surge on February 6: 24K Gold Sees a Rs 2,700 Rally; Silver Remains Steady
Gold prices in India witnessed a sharp rally on February 6, 2025, following the decline in the US dollar and increasing safe-haven demand amid economic uncertainties. Investors flocked to gold as a hedge against global risks, pushing the bullion market to new highs.
Gold Price Today in India
The domestic gold market saw a substantial price increase today:
22K Gold: Rs 7,930 per gram, with a rise of Rs 250 for 10 grams, now costing Rs 79,300. The price for 100 grams stands at Rs 7,93,000, up by Rs 2,500 from yesterday.
24K Gold: Rs 8,651 per gram, with a surge of Rs 270 for 10 grams, now priced at Rs 86,510. The 100-gram rate stands at Rs 8,65,100, marking a jump of Rs 2,700 in a single day.
18K Gold: Rs 6,48,800 per 100 grams, up by Rs 2,000. The price for 10 grams has risen by Rs 200 to Rs 64,880.
Spot Gold Trends & Global Market Overview
Silver Prices in India
MCX Gold & Silver Outlook
What’s Driving Gold Prices Higher?
Conclusion
While US gold futures fell by 0.2% to $2,888.30, spot gold remained stable at $2,870.16 per ounce, following a record high of $2,882.16 in the previous session. Other precious metals also showed mixed trends:
Palladium: Increased by 0.5% to $994.17 per ounce.
Platinum: Rose by 0.4% to $983.30 per ounce.
Silver: Declined slightly by 0.2%, now at $32.26 per ounce.
Unlike gold, silver prices remained unchanged:
Per gram: Rs 99.50
Per kilogram: Rs 99,500
Technical analysts predict further momentum in gold prices. MCX gold has been in an upward trend for six consecutive sessions, forming bullish patterns. Experts suggest that:
If MCX Gold surpasses Rs 84,600, it could advance towards Rs 85,000 - Rs 85,300.
Key support levels are seen at Rs 84,250 - Rs 84,000.
MCX Silver March contracts may move towards Rs 96,600, and above this level, they could reach Rs 98,000.
Several factors are fueling the surge in gold prices:
Weaker US Dollar: A declining dollar has made gold more attractive to investors.
Economic & Geopolitical Uncertainty: Rising trade war tensions and economic slowdown fears are pushing demand for safe-haven assets.
Physical Market Demand: Increasing investor interest in the physical gold market is supporting price gains.
Interest Rate Expectations: A potential rate cut by the Bank of England could further support gold prices.
Unemployment Data Impact: Expectations of a rise in weekly US unemployment claims could pressure the dollar and boost gold.
With gold prices continuing their upward trend and uncertainty driving investor sentiment, the bullion market remains strong. Traders and investors should keep an eye on key support and resistance levels for future movements.
Reference from:-https://www.goodreturns.in/news/gold-price-in-india-today-6th-feb-24k-100-grams-of-gold-rate-rally-rs-2-700-silver-stable-1404489.html