Gold Price In India Today, 6th Feb: 24K/100 Grams of Gold Rate Rally Rs 2,700; Silver Stable

Following the dollar index's slump and the intensifying trade war, safe-haven demand has spiked. On Thursday, February 6, the domestic gold market saw a significant rally. Following US economic data, positive bets caused the bullion market to rise to new highs due to which investors viewed yellow metal as a safe haven investment following the US dollar's decline and the intensifying US-China trade conflict.

Gold Price In India Today

Today, 22 carat gold costs Rs 7,930 per gramme in India, whereas 24 carat gold costs Rs 8,651 per gramme. While 22k of 100 grammes of gold will cost Rs 7,93,000 in India today compared to Rs 7,90,500 yesterday, marking a price spike of Rs 2,500, 22k of 10 grammes of gold prices in India hit Rs 79,300 on Thursday compared to Rs 79,050 on Wednesday, showing a price surge of Rs 250.

While the price of 24k of 100 grammes of gold climbed by Rs 2,700 in a single day to Rs 8,65,100 from Rs 8,62,400 on Wednesday, the price of 24k of 10 grammes of gold grew to Rs 86,510 on Thursday compared to Rs 86,240 on Wednesday, marking a price surge of Rs 270.

While 18k of 100 grammes of gold prices in India rose to Rs 6,48,800 on Thursday from Rs 6,46,800 on Wednesday, marking a price jump of Rs 2,000 in a single day, 18k of 10 grammes of gold would cost Rs 64,880 today compared to Rs 64,680, showing a price spike of Rs 200.

Spot Gold Today

While U.S. gold futures fell 0.2% to $2,888.30, according to Reuters, spot gold remained stable at $2,870.16 per ounce at 0306 GMT after reaching an all-time high of $2,882.16 in the previous session. Gold prices climbed slightly on Thursday, staying close to record highs reached in the previous session. Palladium increased 0.5% to $994.17, platinum gained 0.4% to $983.30, while spot silver fell 0.2% to $32.26 an ounce.

Silver Rates In India Today

Due to growing economic and geopolitical threats, the price of silver in India has remained unchanged at Rs 99.50 per gramme and Rs 99,500 per kilogramme, which supports the demand for safe havens.

MCX Gold Outlook Today

"From a technical perspective, MCX Gold maintained its upward momentum for the sixth consecutive session and formed a bullish candle on the daily chart. Recent price action clearly depicts strong buying interest as the commodity is consistently forming higher highs and higher lows on the daily chart. If MCX Gold breaks above 84600, it could advance towards 85000/85300 levels. Conversely, support is seen at 84250/84000 level. Traders are advised to maintain tight stop losses, as the index is trading in a critical zone that could witness heightened volatility," said the technical research analysts of Way2Wealth Brokers Pvt. Ltd.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day, as gold prices are steady in Asian trading - after blowing through a series of record highs in the previous session - with rising economic and geopolitical risks supporting haven demand," according to Nirmal Bang Securities Pvt. Ltd.

Spot Gold Outlook Today

"Gold is likely to hold its ground and extend its gains amid safe haven buying. Heightened trade war uncertainties is likely to push prices higher. Further, rising prices in the physical market indicates increasing investor demand. Further, rate cut from BOE for the 2nd time would also provide support to the yellow metal. Moreover, expectation of rise in weekly unemployment claims data could weigh on the dollar and support the bullions to scale new highs. Spot gold is expected to hold the support of $2850 and move higher towards $2900. Meanwhile, a higher call base near 2900 strike could act as key resistance for price," commented the technical research analysts of ICICI Direct Research.

"MCX Gold April is expected to march towards ₹85,000 level as long as it stays above ₹83,900 level. Only a move below ₹83,900 level prices may slip towards ₹83,400 level. MCX Silver March is expected to holds its gains and move towards ₹96,600. Above ₹96,600 level it would open the doors towards ₹98,000. On the downside immediate support exists near ₹95,000 level," they further added.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.