Gold Rate In India Rebounds After 3 Days of Heavy Losses; 24K/100g Surges By Rs.66600; Check City-Wise Prices

A sharp rebound in gold rate in India today can be seen after multiple consecutive sessions of decline. After falling nearly 14% over the last three trading days, the gold price today and the silver price today have bounced back strongly, due to a recovery in the precious metals market.

The gold rate in India remained under pressure amid heavy profit booking and a risk-on global sentiment. However, after the announcement of the India-US trade deal, market sentiment has improved, triggering fresh buying interest. As a result, gold and silver prices in India today are rebounding, ending the recent losing streak.

Meanwhile, international gold prices today surged by more than 2.5% because of the fresh geopolitical tensions between the US and Iran, which once again boosted safe-haven demand for the yellow metal. The escalation has added fuel to the ongoing gold price recovery, supporting MCX gold prices and domestic gold rates.

Gold Rate in India Today

As of 4th February, the 24-carat gold rates in India spiked by Rs. 6600 per 10 grams to cost Rs.1,60,530. While the 22-carat gold price in India rallied by Rs.6050 per 10 grams, to cost Rs.1,47,150. In the 18-carat gold rates jumped by Rs.4950 to retail at Rs. 1,20,400 per 10 grams.

And just like that, 100 grams of 24-carat gold rate stands at Rs. 16,05,300 and the 22-carat gold rate is currently at Rs 14,71,500 per 100 grams of yellow metal.

Silver prices in India today

Silver rates in India today are also a huge jump; 1 kg of silver in India costs Rs. 3,20,000 after gaining Rs. 40,000. While 100 g of silver rates in India retail at Rs 32,000 which jumped by Rs 4000.

Where is Gold Headed Next? Key Levels and Market Outlook

"The US-India trade deal reduces near-term trade uncertainty, which may cap safe-haven demand and lead to short-term consolidation in gold and silver prices. A stronger Indian rupee could also soften domestic bullion prices by lowering import costs. However, the broader outlook remains constructive." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation.

"Global factors such as expectations of a dovish US Federal Reserve, elevated geopolitical risks, fiscal stress in major economies, and sustained central-bank and ETF buying continue to support precious metals. Gold is likely to remain range-bound with a positive bias, while silver may see higher volatility but benefit from strong industrial demand, keeping medium- to long-term trends intact." he further added.

MCX Gold Price and Silver Price

A sharp jump in both Gold & silver futures was seen on the Multi Commodity exchange today. Currently, gold futures prices due to mature on April 4th are trading at Rs.1,59,999 per 10 grams, up by 4.02%%. Silver futures, with an expiration date of March 5th, also rose sharply by 4.7% and are now trading at Rs.2,80,600 per kg.

City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India

The latest gold prices for 22-carat and 24-carat gold in major Indian cities are similar to national gold prices today.

Gold Price in Chennai

The current 24-carat gold price in Chennai is Rs. 1,62,560 per 10 grams, while the 22-carat gold price in Chennai stands at Rs. 1,49,000 per 10 grams.

Gold Price in Bangalore

As of today, the 22-carat gold rate in Bangalore stands at Rs.1,47,150 per 10 grams, whereas the 24-carat gold rate in Bangalore is Rs.1,60,530 per 10 grams.

Gold Price in Hyderabad

The 22K gold price in Hyderabad is Rs.1,47,150 per 10 grams, while the 24K gold price in Hyderabad isRs.1,60,530 per 10 grams.

Gold Price in Mumbai

The 22-carat gold in Mumbai is Rs.1,47,150 per 10 grams, whereas the 24-carat gold price in Mumbai stands at Rs.1,60,530 per 10 grams.

Spot Gold Price and Spot Silver Rate

"Spot gold gained 2.7% to $5,071.79 per ounce as of 0353 GMT, after surging 5.9% on Tuesday. U.S. gold futures for April delivery climbed 3.2% to $5,092.0 per ounce. Spot silver rose 3.2% to $87.84 an ounce." as per the Reuters Latest Report on Commodities.

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