Gold Prices Surge in India ;Gold prices in India continued their upward trend on Monday, February 10, 2025, marking the fifth consecutive session of gains. The rise is attributed to growing trade tensions between the United States and China, which have driven investors toward safe-haven assets like gold. Analysts predict that price fluctuations may persist throughout the week, influenced by key economic indicators such as U.S. retail sales, GDP, inflation statistics, and other domestic and global financial data.
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Gold Prices in India Today
Here’s a breakdown of the latest gold prices in India:
24-Carat Gold
- 10 grams: ₹87,060 (up by ₹390 from ₹86,670).
- 100 grams: ₹8,70,600 (up by ₹3,900).
22-Carat Gold
- 10 grams: ₹79,800 (up by ₹350 from ₹79,450).
- 100 grams: ₹7,98,000 (up by ₹3,500).
18-Carat Gold
- 10 grams: ₹65,290 (up by ₹280).
- 100 grams: ₹6,52,900 (up by ₹2,800 from ₹6,50,100).
Global Gold and Silver Market Update
On the global front, spot gold continued its bullish trend, rising 0.5% to $2,875.79 per ounce as of 04:03 GMT on Monday. This follows its recent peak of $2,886.62 on Friday. U.S. gold futures mirrored this movement, increasing by 0.5% to $2,902.40.
Other Precious Metals:
- Platinum: Edged up 0.1% to $977.60 per ounce.
- Silver: Rose 0.6% to $31.99 per ounce.
- Palladium: Climbed 0.1% to $966.10 per ounce.
Silver Prices in India
Domestic silver prices remained stable despite international silver reaching a three-month high of $32.5 per ounce on Friday. In India, silver is currently priced at:
- Per gram: ₹99.50.
- Per kilogram: ₹99,500.
MCX Gold and Silver Outlook
Gold Outlook:
- Technical Analysis: MCX Gold tested the ₹85,000 level during intraday trading, forming a bullish pattern. Analysts at Way2Wealth Brokers Pvt. Ltd. noted strong buying interest, with the commodity consistently forming higher highs and higher lows.
- Resistance: If MCX Gold breaks above ₹85,000, it may advance toward ₹85,500–₹85,800.
- Support: Levels are seen at ₹84,450–₹84,000. A drop below ₹84,000 may lead to profit booking, pushing prices lower to ₹83,800–₹83,500.
- Trader Advice: Set tight stop losses due to expected volatility.
Silver Outlook:
- Technical Analysis: MCX Silver maintained its upward momentum for the second consecutive session, forming a bullish candle on the weekly chart. Analysts noted a positive breakout from a symmetrical triangle pattern, suggesting continued upward movement.
- Resistance: Key levels at ₹96,600–₹98,000.
- Support: Levels at ₹93,800–₹92,000.
- Trader Advice: Adopt a “Buy on Dips” strategy for short-term gains.
Conclusion
Gold and silver prices remain strong amid global economic uncertainty, with investors turning to safe-haven assets. Traders should closely monitor global economic data and technical indicators, as price movements are expected to be volatile in the coming days