Gold Price In India Today After Repo Rate Cut: 24K/100 Grams of Gold Rate Rally Rs 1,600; Silver Price Flat

The price of gold surged sharply in the domestic market on Saturday, February 8, as market players continued to focus on the U.S. non-farm payroll and unemployment statistics, following the conclusion of the pivotal event, the RBI MPC. Gold prices have experienced significant support despite rising trade concerns between the United States and China. Meanwhile, gold prices may rise in the upcoming sessions owing to the safe haven picking up brought on by trade war fears, a strong dollar, and hawkish remarks from the central bank.

Gold Price In India Today

In India, the current price of gold is Rs 8,667 per gramme for 24-carat gold and Rs 7,945 per gramme for 22-carat gold. The price of 22k of 10 grams of gold in India climbed by Rs 150 from Rs 79,300 on Friday to Rs 79,450 on Saturday. Meanwhile, the price of 22k of 100 grams of gold surged by Rs 1,500 to Rs 7,94,500 today from Rs 7,93,000 yesterday.
While 24k of 100 grammes of gold would cost Rs 8,66,700 in India today compared to Rs 8,65,100 yesterday, marking a price spike of Rs 1,600, 24k of 10 grammes of gold prices in India hit Rs 86,670 on Saturday compared to Rs 86,510 on Friday, showing a price jump of Rs 160.

In India, 18k of 10 grams of gold will cost Rs 65,010 today, up Rs 130 from yesterday's price of Rs 64,880. Meanwhile, the price of 18k of 100 grams of gold rose to Rs 6,50,100 on Saturday, up Rs 1,300 from Rs 6,48,800 on Friday.

Silver Rates In India Today

The necessity for safe havens is supported by the fact that the price of silver in India has stayed constant at Rs 99.50 per gramme and Rs 99,500 per kilogramme.

Spot Gold Outlook

"Technical indicators confirm bullish momentum, with XAUUSD closing at $2,849.00, up 1.24% from its opening at $2,814.24. Short-term moving averages remain aligned for further upside, while the MACD signals continued buying interest, despite a slight slowdown in momentum. With key resistance at $2,853.85 and support at $2,798.49, traders are watching for further escalations in US-China tensions and upcoming US economic data. A push beyond $2,860 is possible if risk sentiment deteriorates while easing geopolitical risks could trigger a short-term pullback," as per VT Markets.

Gold Price Outlook Today

"The rising concerns of a likely US-China trade war amidst Trump's tariff threats are playing a crucial role in supporting the prices of gold. Gold prices move upwards in times of economic uncertainty, which boosts the demand for safe-haven assets like gold. While the US has agreed to postpone plans to impose 25% tariffs on Canada and Mexico by 30 days, they have reiterated their stance to impose 10% trade tariffs on Chinese goods. China, on the other hand, retaliated with tariffs on some US exports, which is paving the way for a possible trade war between both countries. Going forward, we reiterate our view of gold hitting levels of $3000 for international markets. In the domestic market, gold prices are expected to hit around INR 88,000 level," commented Mr. Colin Shah, MD, Kama Jewelry.

Disclaimer

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