Gold prices in India are likely to continue their gaining momentum, however, cautiousness is also predicted ahead of Friday's US unemployment and non-farm payroll data that will be key for market sentiment. Furthermore, gold prices will look forward to monetary policy outcomes from RBI which will be announced also on Friday. This week, gold prices have continued to hit back-to-back record highs due to uncertainty fueled in global trade after Trump's tariff plan.
Gold Prices In India:
24K gold price in 10 grams is priced at Rs 86,250, while 22K and 18K gold prices were at Rs 79,060 and Rs 64,690 in the early hours of Thursday. The cheapest price of gold in India is currently Rs 7,906 per gram for 22-karat gold and Rs 8,625 per gram for 24-karat gold (also called 999 gold). At the same time, cheapest gold is at Rs 6,469 per 1 gram in 18K.
Silver Prices In India:
The price of silver in India is currently at Rs 99.60 per gram and at Rs 99,600 per kilogram.
Spot Gold Price:
As per Trading Economics, gold rose further to surpass the $2,860 per ounce mark in February, a fresh record, tracking the gains for US Treasuries amid growing expectations of lower interest rates and lingering concerns of geopolitical risk and barriers to global trade. US services sector activity tracked by the ISM rose less than expected in January and prices faced by firms decelerated. Consequently, rate traders increased positions that reflect two rate cuts by the Federal Reserve this year, aligning with the last FOMC projections.
It added that the ECB and the BoC lowered rates, with the latter ending quantitative tightening, while the RBI and the BoE are both expected to deliver cuts this week. In the meantime, China signalled it will impose tariffs on US energy imports next week in retaliation to US levies that already took force, risking potential global growth. Sentiment was also pressured by US President Trump's signal that he may send US forces to the Gaza Strip.
What Will Impact Gold Prices On February 6?
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold continued its strong rally, reaching $2,875 in Comex and surging Rs 950 higher to trade above Rs 84,750 in MCX. The weakness in the dollar index and escalating tariff war have fueled safe-haven buying, keeping bullion demand strong. Investors remain cautious ahead of Friday's U.S. unemployment and non-farm payroll data, which will be key for market direction. Support for gold is seen near Rs 83,500, with an extended resistance level at Rs 85,250."
Additionally, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, despite US President Donald Trump delaying tariffs on Mexico and Canada, a 10% duty on Chinese goods took effect, prompting Chinese retaliation. Escalating trade tensions between the two largest economies coupled with Geopolitical concerns in Gaza weighed on market sentiments and provided further boost to the yellow metal. Meanwhile, interest rate futures indicate expectations of two Fed rate cuts this year, supported by weaker JOLTS job openings and declining factory orders.
Chainwala lastly said, investors now cautiously await US Private payrolls, Services PMI, for further cues on economic activity in January.
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