Gold futures for April at the Multi Commodity Exchange (MCX) opened flat on Tuesday at ₹83,253 per 10 grams, reflecting a slight decrease of 0.04% or ₹30. Meanwhile, silver futures for March traded at ₹94,200 per kg, down by 0.06% or ₹57.
Over the past week, gold prices have surged by ₹3,100 per 10 grams, while silver has increased by ₹4,000 per kg. On Monday, both metals closed positively in domestic and international markets. The April futures contract for gold settled at ₹83,283 per 10 grams with a gain of 1.19%, and the March futures contract for silver closed at ₹94,257 per kg with an increase of 1.12%.
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Gold and silver displayed strong performance as gold reached new all-time highs amid global uncertainties related to U.S. trade tariffs. In early trading sessions, global equity markets and cryptocurrencies declined while the dollar index surpassed the 109 mark. However, the U.S. postponed tariffs on Mexico and Canada for a month as negotiations for a potential trade deal continue.
Currently, the U.S. Dollar Index (DXY) hovers around the 108.65 mark with a gain of approximately 0.34%.
“Gold and silver have gained due to safe-haven buying amidst global uncertainty. They are likely to maintain their upward momentum driven by purchases from central banks and ongoing safe-haven demand,” stated Manoj Kumar Jain from Prithvifinmart Commodity Research.
He added that prices for both metals may remain volatile this week due to fluctuations in the dollar index and developments in the U.S.-China trade situation ahead of upcoming Bank of England policy meetings.
According to Manoj Kumar Jain:
For gold at MCX:
Support levels are between ₹82,850 and ₹82,500.
Resistance levels are between ₹83,650 and ₹84,000.
For silver:
Support levels are between ₹93,600 and ₹92,850.
Resistance levels are between ₹95,000 and ₹95,800.
Jain recommends buying silver around ₹93,650 with a stop loss set at ₹92,850 for a target price of ₹95,200.
Gold Rates in Major Indian Cities
As of February 4, 2025, gold and silver prices have shown notable fluctuations across major Indian cities. Here are the current rates:
Delhi:
24-carat gold: ₹84,190 per 10 grams
22-carat gold: ₹77,190 per 10 grams
Silver: ₹99,400 per kg
Mumbai:
24-carat gold: ₹84,040 per 10 grams
22-carat gold: ₹77,040 per 10 grams
Silver: ₹99,400 per kg
Chennai:
24-carat gold: ₹84,040 per 10 grams
22-carat gold: ₹77,040 per 10 grams
Silver: ₹1,06,900 per kg
Hyderabad:
24-carat gold: ₹84,040 per 10 grams
22-carat gold: ₹77,040 per 10 grams
Silver: ₹99,400 per kg
