Gold Price Today: Yellow metal prices surge Rs 1,400/10 gm this week, silver up by Rs 500/kg
Gold February futures contracts at MCX opened flat on Friday at Rs 77,900/10 gram, which is up by 0.24% or Rs 183 while silver March futures contracts were trading at Rs 89,399/kg, up by 0.25% or Rs 226.
Gold prices increased by Rs 1,356/10 grams in this week so far while silver prices went up by Rs 500/kg in the same period.
Gold edged up on Friday on a softer US dollar and safe haven flows, with the metal en route for a weekly gain as attention turned to US President-elect Donald Trump’s proposed policy changes that could influence the economic and interest rate outlook going forward.
In the international markets, Spot gold was up 0.2% at $2,661.19 per ounce, as of 0257 GMT, hitting its highest level since December 13. Bullion is up about 1.6% for the week so far. Meanwhile, US gold futures rose 0.2% to $2,675.40.
Gold flourishes in low interest rate environments and serves as a hedge against economic and geopolitical uncertainties.
Trump’s inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected to be inflationary and potentially spark trade wars.On the geopolitical front, Israeli airstrikes killed at least 68 Palestinians in Gaza. Additionally, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, causing damage in at least two districts.Today, the US Dollar Index, DXY, was hovering near the 109.17 mark, falling 0.22 or 0.20%.
Last month, the US central bank delivered a third consecutive rate cut, but now projects only two reductions in 2025. Markets now await US job openings data, the ADP employment report, Fed meeting minutes, and the employment report, all due next week, for further direction.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,792/8 grams while pure gold (24 carat) prices stand at Rs 61,592/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,304/8 grams while pure gold (24 carat) prices stand at Rs 61,040/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,968/8 grams while pure gold (24 carat) prices stand at Rs 60,768/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,968/8 grams while pure gold (24 carat) prices stand at Rs 60,664/8 grams.
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