Wed Feb 05 05:30:00 UTC 2025: ## Gold Prices Hit Record High in India Amidst Wedding Season
**Mumbai, India** – Gold prices in India soared to a new all-time high on February 5th, driven by strong demand during the wedding season and global uncertainties. 24-karat gold reached ₹84,323 per 10 grams (excluding GST), a ₹1,313 increase from the previous day’s closing price. Other purities also saw significant increases: 23-karat gold rose to ₹83,985, while IBJA (India Bullion and Jewellers Association) reported average prices of ₹77,240 for 22-karat and ₹63,242 for 18-karat gold per 10 grams. Silver also experienced a sharp increase, jumping ₹1,628 per kilogram to open at ₹95,421.
The surge in gold prices mirrors a global trend, with spot gold reaching a record high of $2,847.33 per ounce, fueled by increased safe-haven demand amidst the ongoing US-China trade tensions. Analysts attribute the price increase to a combination of factors, including President Trump’s trade policies, dollar fluctuations, and the US Federal Reserve’s interest rate decisions.
Manav Modi, a commodity research analyst at Motilal Oswal Financial Services, highlighted that Trump’s policies are not only increasing uncertainty but also raising inflation risks, bolstering gold’s appeal. While short-term corrections are possible due to high prices potentially curbing demand, the long-term outlook remains bullish, particularly given continued central bank gold purchases and strong speculative investment.
Experts predict that future gold price movements will heavily depend on the evolution of global tensions and the US Federal Reserve’s stance on interest rates. Some analysts forecast MCX gold to reach ₹86,000 by the end of the year. Current support and resistance levels for MCX gold are ₹83,440-83,100 and ₹84,050-84,400 respectively, while silver’s support and resistance levels stand at ₹95,000-94,400 and ₹96,300-97,000. Regional price variations of ₹1,000-₹2,000 are possible.
First Piper 