Gold prices in India witnessed a historic week owing to optimism for Budget 2025, with 24K gold prices rising to over Rs 84,400 per 10 grams mark. While MCX gold price breached Rs 83,300 per 10 grams mark for the first time during the Budget day on February. In the coming trading week, MCX gold price is expected to range between Rs 80,000 to Rs 84,000, while silver prices are seen to range from Rs 90,000 to Rs 96,000.
MCX Gold, Silver Prices:
MCX gold with April 2025 expiry, touched an intraday high of Rs 83,369 per 10 grams on February 1, 2025, when FM Nirmala Sitharaman presented her eighth budget for financial year 2025-26. By end of the market hours, the bullion closed at Rs 82,350 per 10 grams, up by Rs 117 or 0.14%.
MCX silver price with March 2025 expiry, climbed to hit an intraday high of Rs 94,400 per 1 kg on Saturday, before ending at Rs 93,250 per 1kg which was marginally up.
Trading in MCX gold and silver will resume on February 3.
Gold Prices In India:
On February 2, 10 grams of gold is priced at Rs 84,490 in 24K, at Rs 77,450 in 22K, and Rs 63,370 in 18K.
In the month of January 2025, gold prices surged by more than 8%.
Silver Prices In India:
The price of silver in India is currently at Rs 99.50 per gram and at Rs 99,500 per kilogram on February 2. In the month of January 2025, silver prices outperformed gold with gains of nearly 10%.
Gold, Silver Prices Weekly Outlook:
As per SMC Global Securities, weekly outlook report, t was a historic week for gold, which saw a massive upside rally. Gold has maintained a strong bullish trend for the past five weeks, with COMEX gold futures nearly touching $2,860, while MCX gold reached a record high of around Rs. 82,210, further fueled by INR depreciation. Silver also witnessed a sharp and rapid rally, closing near $32.8 on COMEX and approximately Rs. 94,000 on MCX.
Further, SMC's note highlighted that despite the Federal Reserve signalling a pause in rate cuts amid a stronger dollar and resilient equities, gold has surged by more than 40%-a first in history. This rally is not merely a temporary spike or a 'Trump Bump'; rather, it reflects deeprooted geopolitical uncertainty and on-going economic instability. In the London bullion market, participants are scrambling to borrow gold from central banks to meet soaring demand following a surge in deliveries to New York.
Also, SMC's note said, the minimum waiting time to load gold out of the Bank of England (BoE), which stores gold for central banks, has reached four weeks. In normal times, the release time is a few days or a week. US President Trump has not mentioned precious metals in his tariff plans yet, but the risk on the commodities has been enough to boost gold deliveries to New York.
Looking ahead, SMC's note said, The coming week will be data-driven, with several key U.S. economic reports scheduled to influence gold prices. The gold-to-silver ratio is expected to improve further towards 87:1, with silver's upside potential remaining stronger while gold may experience a temporary pause in its rally. Technically, gold is expected to trade within a range of Rs. 80,000-Rs. 84,000 levels, while silver may see broader fluctuations between Rs. 90,000-Rs. 96,000 levels.
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