Gold price updates: Prices in Mumbai nears 1.5 lakh mark, hits record high on MCX amid global turmoil

Representational image. File pic

Amid the global turmoil, gold futures on the MCX surged over Rs 4,100 in the last couple of days to a fresh record high. While the gold on the MCX experienced a sudden spike, investors jumped to buy safe‑haven assets amid fears of a widening US‑EU trade conflict and a softer dollar.

As reported by news agency IANS, MCX gold February futures rose 4.25 per cent to Rs 1,56,970 per 10 grams. Whereas, MCX silver March futures rose 2.71 per cent to Rs 3,32,451 per kg.

Gold price in Mumbai

Apart from the MCX, the gold prices in Mumbai on Thursday were recorded at Rs 1,49,930 for 10 grams of 24k gold. Moreover, the demand for the yellow metal still stays constant amid the sudden surge in prices. On the other hand, the price of 22-carat gold in Mumbai stood at Rs 1,37,450 for 10 grams. The price of 18-carat gold stood at Rs 1,12,447 for 10 grams.

Gold prices in Delhi

The prices of gold in Delhi also experienced a sudden surge in the last few days; while the prices in Mumbai almost touched the Rs 1.5 lakh mark, the 24-carat gold in Delhi was priced at Rs 1,50,050. The 22-carat gold in Delhi on Saturday stood at Rs 1,37,590 for 10 grams.

International markets also saw new peaks as US gold futures jumped to USD 4,849 per troy ounce on COMEX. While the COMEX silver consolidated in the USD 92.5-USD 95.7 range.

Tariffs imposed by US

The rally followed reports that the United States plans tariffs on eight European countries from February 1 and could raise duties to 25 per cent in June.

European countries are reportedly considering anti-coercive measures, using trade defence mechanisms designed to counter economic pressure from foreign governments, as reported by IANS.

Silver prices

In MCX silver futures, immediate upside targets are placed at Rs 3,30,000-Rs 3,32,000, with scope to extend toward Rs 3,35,000-Rs 3,50,000. Whereas the prices of silver on Saturday stood at Rs. 3,30,000 per kg.

Safe-haven flows, central bank accumulation, geopolitical risks, and expectations of accommodative monetary conditions continue to provide a powerful structural tailwind.

(With inputs from IANS)