Gold pris on 3nd Feb 2025: Gold started the week with firmly in the domestic market amid a record decline in Indian rupee. Gold benchmark April contract futures market i.e. during trading today (Intrade Trading) rose by Rs 500 to a height of Rs 82,815 up to Rs 82,815. On 1 February i.e. Saturday, it made a record high of Rs 83,360 per 10 grams. On the other hand, gold 24 carats (999) in the domestic spot market were seen on Monday at a price of Rs 82,089 with a mild strength in early trade.
Despite the weakness in the global market, the increase in gold in the domestic market is due to the record decline in the Indian Rupee against the US Dollar. The fall in the rupee makes gold imports expensive. In the Foreign Exchange Market today, the rupee lost 67 paise to the new low of 87.29 against the US dollar today. So far this year, the rupee has weakened more than 1.8 per cent against the US dollar.
Meanwhile, gold has weakened in the global market today amid the rise in US dollar and the possibility of low expectation in the US interest rates. Earlier, Spot Gold and US Benchmark Gold Futures reached a new peak of 2,817.23 and $ 2,862.90 an ounce respectively on the last trading day of the week and managed to maintain the 5th consecutive week. Not only this, January was the first month after March 2024 when gold in the global market strengthened 7 percent.
The US dollar has gained tremendous rise today after the US announced duty on imports from Mexico, Canada and China. At the same time, the possibility of America after this move has created a trade war at the global level, has also created concern in the market about inflation. The market has now started fearing that the US Federal Reserve will probably reduce the interest rates in interest rates in the interest rates. As a result, profit has come in gold. The Trump administration on Saturday announced 25 per cent duty on imports from Canada and Mexico and 10 per cent duty on imports from China. This increase in tariffs will be effective from Tuesday.
However, knowledgeable is still bullish about gold. According to them, in view of the increasing apprehension of trade war at the global level, there has been a situation of tremendous uncertainty in the global economy, which is also accelerating the demand for this precious metal as a safe-han. Also, shopping and investment demands from central banks are also supported for gold prices.
Domestic Futures Market
The gold benchmark on the domestic futures market MCX is currently at Rs 82,811 per 10 grams at Rs 82,811 per 10 grams (2:10 PM IST) (2:10 PM IST). Earlier, it opened at Rs 404 to Rs 81,900 at a price of Rs 81,900 today and traded between high and 81,862 of Rs 82,815 during trading. On 1 February i.e. Saturday, it made a record high of Rs 83,360 per 10 grams.
Gold Future (Rupees/10 Gm)
Source: MCX (2:10 pm IST)
Domestic spot market
According to the Indian Bullion and Jewellers Association (IBJA), gold 24 carat (999) in the spot (attendance) market was recorded at Rs 82,094 per 10 grams in early trade on Monday in early trade in early trade. . At the end of the trading on Friday 31 January, it was seen at a price of Rs 82,086 per 10 grams, while in early trade it made a record high of 82,165.
Spot Gold (Rupees/10 Gm)
Source: ibja
Global market
Gold is broken in the global market after Friday’s record breaking boom. Today, during trading, spot gold went up to $ 2,804.79 an ounce and down to $ 2,772.38 an ounce. It is currently at $ 2,798.21 an ounce with a softening of 0.10 per cent. Similarly, benchmark US February Gold Futures (Gold Comex Feb′25) also remained in the range of $ 2,861.50 and $ 2,802.20 an ounce during business today. It is currently trading at $ 2,830.40 an ounce with a decline of 0.16 per cent. Earlier, Spot Gold and US Benchmark Gold Futures reached a new peak of 2,817.23 and 2,862.90 an ounce on Friday, respectively.
International Gold (USD/OXE)
Source: bloomberg (2:30 PM IST)