Massive Hike In Delhi Gold Rates Ahead Of Delhi Election Results; 24K Gold Gains Rs. 26,000/100g This week

Gold prices in Delhi continue to rise as the national capital awaits the Delhi Assembly Election 2025 results. Following the polling on February 5, gold rates in Delhi have seen a significant surge, with prices increasing as much as Rs.26,000 per 100 grams in just five days. The sharp rise is mainly due to the growing market volatility in the west and increased investor interest in gold as an investment.

Today, gold rates in Delhi for 22-carat gold rates spiked by Rs. 150 per 10 grams to cost Rs. 79,650. while the 24-carat gold rates jumped by Rs. 160 to retail Rs. 86,820. Similarly, the 18-carat gold prices in Delhi also experienced a surge of Rs. 120 to cost Rs. 65,130 per 10 grams.

In a similar manner, the higher quantities of gold also surged. The 24-carat gold is now retailing at Rs. 8,68,200 per 100 grams after rising Rs. 1,600, and the 22-carat gold per 100 grams costs Rs 7,96,500 which rose by Rs. 1,500.

Is the Delhi Election 2025 Driving Up Gold Prices in Delhi?

The gold market in Delhi is currently being influenced by a variety of factors, with the Delhi Assembly Election 2025 being one of them. Since the Union Budget 2025, gold prices in Delhi and across India have been on an unstoppable rise, reaching record highs over the last 10 days. While global factors are also contributing to this surge, the increasing demand for gold in India cannot be overlooked.

With the Delhi election results set to be announced today, the party that comes to power and its future economic policies could have a significant impact on gold prices in Delhi in the coming months.

Silver Prices in Delhi Today

Silver prices in Delhi today per kilogram currently cost Rs. 99,500 per kg after experiencing no movement today. The price of 100 grams of silver is currently at Rs. 9,950.

Gold and Silver Future Price on MCX

On the Multi Commodity Exchange (MCX), gold futures, expected to mature on April 4, 2025, jumped by 0.54% to trade at Rs. 84,990 per 10 grams at the end of Friday's trading. Meanwhile, silver futures, with an expiry date of March 5, 2025, ended in red on Friday, slipping by 0.05% at Rs. 95,285 per kilogram.

Spot Gold and Silver Prices

According to Reuters, spot gold rose 0.2% to $2,861.46 per ounce as of 1:41 p.m. ET (1841 GMT), marking a 2% gain for the week after briefly touching a record high of $2,886.62 earlier in the session. Meanwhile, U.S. gold futures settled 0.4% higher at $2,887.60. In contrast, spot silver declined 0.8%, trading at $31.94 per ounce.
At the close on Friday, gold prices extended their rally, heading for a sixth consecutive week of gains as escalating U.S.-China trade tensions fueled investor demand for the safe-haven metal.

Fundamental Outlook on Gold Prices

According to the India Bullion and Jewelers Association, as featured in the Nirmal Bang securities report, "Gold and silver prices are traded slightly higher on Friday on the international bourses. We expect precious metal prices on Indian bourses to trade range-bound to slightly higher for the day, as gold prices are steady near a record high ahead of a key US jobs report, while heightened geopolitical tensions and economic concerns continue to support haven demand. Bullion rose earlier in the week after President Donald Trump said the US could take over Gaza, a comment that his aides sought to tone down, and that he wants to start working on a new nuclear deal with Iran. Washington is also expected to present a plan to end Russia's war on Ukraine next week. Trump jolted markets with the prospect of tariffs that could slow economic growth, reignite inflation, and disrupt global commerce. Investors will continue to seek bullion's security, and central banks are likely to keep building out their reserves, analysts including Kenny Hu wrote in a report. Gold hit successive records in the past few days as concerns about the tug of war between the US and China, as well as the possibility Trump will impose duties on other nations, support bullion's role as a store of value in uncertain times. Citigroup Inc. expects gold prices to hit a record $3,000 an ounce within three months, with geopolitical tensions and trade wars stoked by US President Donald Trump boosting demand for safe-haven assets."