Gold Price Today, Feb 2, 2024: Yellow Metal Prices Continue To Rally For 4th Day

Gold prices India today witnessed surge for 4th day in a row. Current market price of 22 carat of 10 grams gold in India on Feb 2 is Rs 58,300 after the gain of Rs 150 and cost of 24 carat of 10 grams yellow metal in India today is Rs 63,600 after the rally of Rs 160. Price of 22 carat of 100 grams gold in the country today is Rs 5,83,000 after gain of Rs 1500 and cost of 24 carat of 100 grams gold is Rs 6,36,000 today after rise of Rs 1600.

It is worth noting here that gold prices in India have been witnessing a rally since January 29, 2024. Price of 22 carat of 10 grams yellow metal soared by Rs 600 since and cost of 24 carat of 10 grams metal rose by Rs 650 since January 29.

Meanwhile, price of 18 carat of 10 grams gold in India today is Rs 47,700 after the gain of Rs 120 and cost of 18 carat of 100 grams gold is Rs 4,77,000, after the jump of Rs 1200.

Check latest Gold prices in 4 metropolitan cities of India on February 2, 2024 below:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 58,900 and cost of 10 grams of 24 carat gold is Rs 64,250.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in the financial capital of the country is Rs 58,300 and cost of 10 grams of 24 carat yellow metal is Rs 63,600.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in the national capital on Feb 2 is Rs 58,450 and cost of 10 grams of 24 carat gold is Rs 63,750.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata today is Rs 58,300 and cost of 24 grams of 10 grams gold is Rs 63,600.

Meanwhile experts from the commodity market expressed their disappointment after government introduced no big announcement for the bullion industry.

Sachin Kothari, Director at Augmont Gold For All said, "Bullion Industry stakeholders had a lot of expectations from the government to simplify and reduce the duties structure of the gold trade in this budget and solve the challenges they faced. However, none of these issues and challenges were addressed in this interim budget. Bullion Market participants have forwarded these hopes and expectations for the final budget, which will be announced after the elections this year."

Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited (RSBL) also echoed his disappointment saying, "This interim budget couldn't gladden the bullion industry participants, as there were no major announcements related to this industry. The wishlist from the bullion industry was very long, like reducing 15% import duties on precious metals, reducing 3% GST, exempting Capital Gain Tax on gold jewelry sales, GST refunds to NRIs, simplifying TCS and TDS rates, etc. All taxes and duties remain in status quo until the next budget."

Gold prices on Friday were set for their best week in seven, as the dollar and Treasury yields retreated, while traders awaited key U.S. jobs numbers due later in the day to gauge timing on when the Federal Reserve could start cutting interest rates, according to Reuters report.

Spot gold was flat at $2,053.09 per ounce by 0211 GMT. Still, the contract has climbed 1.8% so far this week, set for its best weekly gain since late-December, if gains hold. U.S. gold futures were flat at $2,070.30 per ounce. Spot gold surged approximately 1% on Thursday after data from the U.S. Labor Department showed initial jobless claims rose more than expected last week, added the Reuters report.