Gold remains flat at Rs 84,900 per 10 g; silver rallies Rs 700
New Delhi, Feb 1: Gold remained flat at its all-time high price of Rs 84,900 per 10 grams in the national capital on Saturday, according to the All India Sarafa Association.
On Friday, the precious metal price of 99.9 per cent purity rose for the third straight session, jumping by Rs 1,100 to hit a new peak of Rs 84,900 per 10 grams driven by robust domestic demand.
Gold has rallied by Rs 5,510 or 7 per cent since January 1 when the metal traded at Rs 79,390 per 10 grams in the local market.
The yellow metal of 99.5 per purity also traded flat at Rs 84,500 per 10 grams — also its record high on Saturday.
However, silver rallied for the fourth straight session, climbing Rs 700 to Rs 95,700 per kg on persistent offtake by industrial units and coin makers.
The white metal had closed at Rs 95,000 per kg on Friday.
In the last four sessions, silver has advanced Rs 2,700 or 2.9 per cent to Rs 95,700 per kg from Rs 93,000 per kg on January 29.
In futures trade, gold contracts for February delivery fell Rs 5 to Rs 81,883 per 10 grams on the Multi Commodity Exchange. During the day, it climbed Rs 612 or 0.75 per cent to hit another fresh peak of Rs 82,500 per 10 grams.
The yellow metal for April delivery jumped Rs 1,127 or 1.37 per cent to hit a record high of Rs 83,360 per 10 grams when Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 on Saturday.
Silver contracts for March delivery slipped Rs 38 or 0.04 per cent to Rs 93,290 per kg.
Globally, the commodity markets remained closed due to holidays. On Friday, Comex gold futures hit an all-time high of USD 2,862.90 per ounce. Later, it trimmed its gains and closed lower at USD 2,835 per ounce.
Meanwhile, the precious metal metal found no mention in Union Budget 2025-26, leaving the traders assessing its potential impact on prices and investor sentiment.
The absence of any announcement indicated that the prices would be driven by domestic demand and global factors.
“The Budget reflects the government’s continued focus on revitalising consumption, strengthening domestic manufacturing, and fostering job creation. Therefore, the Budget has rightly focussed on offering fiscal impulse to boost consumption,” MP Ahammed, Chairman, Malabar Group, said.
Further, Ahammed said, “With personal income tax reform, it will free up disposable income to boost urban consumption. It will boost the spending power of the middle-income segment and enhance consumer sentiment — both critical drivers of economic growth”.
For the retail and jewellery sector, a rise in consumption directly translates into stronger demand, fuelling expansion and employment generation, he added.–(PTI)
