Gold Price Today: Yellow metal prices surge by Rs 1,550/10 gm this week, silver up by Rs 1,850/kg

Gold April futures contracts at MCX opened flat with a negative bias on Saturday at Rs 82,200/10 gram, which is down by 0.04% or Rs 33 while silver March futures contracts were trading slightly higher at Rs 93,453/kg, up by 0.13% or Rs 125.

Ahead of the Union Budget 2025, due to be presented later today, gold, on MCX, made yet another new all-time high of Rs 82,600/ 10 g on Friday and has surged by Rs 1,550/10 gram in this week alone. Meanwhile, silver prices have gone up by Rs 1,850/kg.

On Friday, the gold April futures contract settled at Rs 82,233 per 10 grams while silver March futures contract settled at Rs 93,328 per kilogram.

The prices of gold have soared, supported by investor demand for safe-haven assets following renewed tariff threats by the US leader against Mexico and Canada, and potential tariffs against China.

The precious metal is on a five-week winning streak, as these threats raise concerns about trade wars and their impact on economic growth. Furthermore, accommodative monetary policies from major central banks, including the ECB’s expected rate cuts and the Bank of Canada’s end to quantitative tightening, along with earlier cuts by the Riksbank, have bolstered gold’s upward momentum.

“Gold traded positively with a Rs 250 premium, while Comex remained flat as budget-driven premiums were observed in MCX gold, anticipating potential duty changes. If no changes occur, the premium may be reduced on Budget day,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.

Ranges for gold by Jateen Trivedi:

At MCX, gold has a range of Rs 80,500-Rs 83,000, excluding any duty-related adjustments.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,104/8 grams while pure gold (24 carat) prices stand at Rs 60,904/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 57,744/8 grams while pure gold (24 carat) prices stand at Rs 61,520/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,944/8 grams while pure gold (24 carat) prices stand at Rs 60,656/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,936/8 grams while pure gold (24 carat) prices stand at Rs 60,736/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)