Gold prices in India continued to surge ahead of RBI's policy outcomes on February 7th, fuelled majorly by global uncertainties after Trump's tariff plan. 10 grams of 24K touched over the Rs 86,500 mark, while 22K and 18K are nearing Rs 80,000 and Rs 65,000 levels respectively. MCX gold was slightly shy of the Rs 85,000 mark after hitting an all-time high of Rs 84,845 per 10 grams. Overall, all gold prices in India are at a new all-time high. The RBI policy outcomes could do the trick of pushing MCX gold price to the Rs 85,000 mark on Friday.
Gold Prices In India:
In the early hours of February 7, 2025, 24K gold price surged to Rs 86,520 per 10 grams, while 22K and 18K gold prices climbed to hit new highs of Rs 79,310 per 10 grams and Rs 64,890 per 10 grams respectively. Gold prices have been rising for four consecutive days now.
In the first week of February alone, gold prices have surged by more than 2.4% in India so far.
MCX Gold, Silver Prices:
After hitting a record high of Rs 84,845 per 10 grams, MCX gold with April 2025 expiry, ended at Rs 84,439 per 10 grams. Further, MCX silver price with March 2025 expiry surged to hit an intraday high of Rs 95,790 per 1kg before closing at Rs 95,500 per 1kg levels.
Spot Gold Price:
As per Trading Economics, spot gold rose toward $2,870 per ounce on Friday, climbing back to record highs and heading for its sixth consecutive weekly gain. The metal has repeatedly set new records this week, driven by increased safe-haven demand amid global trade tensions and economic uncertainties. President Trump postponed tariffs on Mexico and Canada early in the week, but imposed a 10% levy on all Chinese imports, prompting Beijing to announce retaliatory tariffs on US energy goods, effective next week.
Further, Trading Economics data highlighted that adding to uncertainty, Trump also suggested that the US take control of the Gaza Strip for reconstruction. Loose monetary policies by major central banks also provided additional support, with the ECB, BoE, and BoC cutting rates, and the latter also ending quantitative tightening. The RBI is expected to implement rate cuts this week. Markets are also pricing in two 25bps rate cuts from the Fed this year, with attention focused on the jobs report later today for further insights into the labour market.
Will MCX Gold Touch Rs 85,000 Mark On Friday?
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, gold traded sideways with minor weakness, hovering around ₹84,450 in MCX, while Comex gold saw a slight retracement towards $2,850. However, the broader trend remains positive as long as prices hold above $2,840, with the next hurdle at $2,900. Market participants remain focused on the upcoming RBI policy and the U.S. Non-Farm Payrolls and Unemployment data scheduled for release on Friday.
Trivedi added, that the rupee movement and Comex gold trends will play a crucial role in determining the next price action for gold. The gold range is seen between 84000-85000.
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