Prices surged due to firm global trends and growing demand from jewelers and retailers during ongoing marriage season in India.
10% increase in Gold and Silver price latest news: On Friday, 7 February, gold prices continued its upward trend for the fourth straight day, with the yellow metal touching all-time highs in early trade. Prices surged due to firm global trends and growing demand from jewelers and retailers during the ongoing marriage season in India.
24K gold in Mumbai and other metro cities shot up by ₹270 to ₹86,510 per 10 grams, while 22K gold escalated by ₹250 to ₹79,300 per 10 grams. US dollar index traded around 107.71 ahead of the non-farm payroll data.
Internationally, spot gold rose 0.48% to $2,867 an ounce in early Asian trade, with gold hitting a lifetime high of $2,882 an ounce on Wednesday. The rise in gold prices can be attributed to safe-haven demand amid trade policy uncertainty and concerns over a potential tariff war.
Silver prices declined, however. The white metal fell by ₹100 to ₹99,400 per kg in early Friday trade due to weak demand from industrial users. Silver had traded flat at ₹99,500 per kg on Thursday as the US dollar hovered near 108 levels after a recent correction. Spot silver gained 0.19% to $32.27 an ounce in early Asian trade on Friday.
Analysts believe that gold prices will continue to be strong due to global economic conditions and central bank policies. The Reserve Bank of India's policy decisions and the US non-farm payroll data are also expected to affect gold prices. Silver prices, on the other hand, are likely to be affected by industrial demand and currency fluctuations.
Putting It All Together
It is really very interesting to see how various factors like the general movements in world economies and local market demands play a vital role in changing the prices of precious metals. The Indian marriage season that continues all the time is fueling the demand for gold, which is essentially associated with the cultural traditions and economic practices prevailing among the people. Silver explains the impact of industrial demand and currency fluctuations.
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