Gold prices in India today shot up to ₹76,420 per 10 grams. The metal had gone up by 1.31% from yesterday’s ₹75,420. Even with the daily increase, the yellow metal gained only a marginal 0.09% from last week’s ₹76,330. Gold has been falling over the month by 2.98% from ₹78,750 and shows a bearish longer-term trend.
On the futures front, gold prices in India today too saw an up move. The February 5, 2025 contract surged to ₹76,773, up 1.03% from the previous close. It settled at ₹75,989 by the session’s end. Experts are of the view that near-term moves will be driven by ongoing geopolitical uncertainty and dollar volatility. However, they caution against timing the market at these high prices.
“Gold trading at ₹75,900 an ounce at the MCX is very much above its most recent low of ₹67,500. While trends remain bullishly oriented long term, short-term directions are somewhat uncertain. Investors should always consider making systematic investments rather than in lump sums to reduce risks created by elevated prices,” said VP LKP Securities Jateen Trivedi.
Global Gold Trends for Gold Prices in India Today
In the international market, gold prices in India today reflected a recovery in global rates. Spot gold rose 0.7% to $2,649.14 an ounce, while U.S. gold futures gained 1.1% to $2,649.20. The metal rebounded after a sharp drop earlier this week, which was triggered by easing safe-haven demand due to a ceasefire agreement between Israel and Lebanon.
Market sentiment was further doused by U.S. Federal Reserve minutes that indicate economic uncertainty and increased expectations of a December rate cut. Lower yields tend to support the gold price in such environments.
Physical demand also picked up, as buyers took advantage of the recent dip, signaling cautious optimism in the gold market.
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