Gold Prices Surge Amid Trade Tensions and Dollar Decline
Gold Price– The ongoing trade war between the U.S. and China, along with the decline in the dollar index, has prompted a significant surge in safe-haven demand. On Thursday, February 6, the Indian gold market witnessed a sharp rally, driven by optimism in the wake of positive U.S. economic data. This rally in the bullion market reflects investor sentiment turning towards gold as a safe haven, especially with the continuing depreciation of the U.S. dollar.
Gold Price in India Today
As of Thursday, February 6, the price of gold in India saw notable changes across various carat categories. 22-carat gold is priced at Rs 7,930 per gram, while 24-carat gold is priced at Rs 8,651 per gram. The price for 22-carat gold saw a notable rise, with the price of 100 grams climbing from Rs 7,90,500 on Wednesday to Rs 7,93,000, marking an increase of Rs 2,500. Additionally, the price of 22-carat 10 grams increased by Rs 250, from Rs 79,050 on Wednesday to Rs 79,300.
The price of 24-carat gold also saw a similar upward trend. The cost of 100 grams of 24-carat gold rose by Rs 2,700 from Rs 8,62,400 on Wednesday to Rs 8,65,100 on Thursday. Meanwhile, 10 grams of 24-carat gold went up by Rs 270, from Rs 86,240 to Rs 86,510. 18-carat gold experienced an increase as well, with 100 grams climbing by Rs 2,000, from Rs 6,46,800 to Rs 6,48,800. The price for 10 grams of 18-carat gold also saw a rise, from Rs 64,680 to Rs 64,880, marking an increase of Rs 200.
Spot Gold Prices Today
On the global stage, while U.S. gold futures fell by 0.2% to $2,888.30, spot gold prices remained relatively stable at $2,870.16 per ounce, just below the all-time high of $2,882.16 reached in the previous session. The upward momentum in gold prices persists, with slight increases noted on Thursday despite the slight decline in U.S. gold futures. Other precious metals also experienced minor gains: palladium increased by 0.5% to $994.17, and platinum gained 0.4%, reaching $983.30. On the other hand, silver prices fell by 0.2% to $32.26 per ounce.
Silver Prices in India Today
Silver, too, remains an attractive option for investors seeking safe-haven assets amidst growing economic and geopolitical risks. In India, silver prices have remained steady at Rs 99.50 per gram and Rs 99,500 per kilogram. This price stability supports continued demand for silver as an alternative safe-haven investment.
MCX Gold Outlook Today
Looking at the technical outlook for MCX Gold, analysts have observed a sustained upward trend for the sixth consecutive session, with a bullish candlestick pattern forming on the daily chart. The consistent formation of higher highs and higher lows on the chart signals strong buying interest in the market. If MCX Gold breaks above the Rs 84,600 mark, it could potentially move toward Rs 85,000 or even Rs 85,300. However, support levels are seen at Rs 84,250 and Rs 84,000. Traders are advised to remain cautious and use tight stop-loss orders, as the market remains in a critical zone with heightened volatility, according to technical analysts from Way2Wealth Brokers Pvt. Ltd.
Gold & Silver Price Outlook Today
According to Nirmal Bang Securities Pvt. Ltd., gold and silver prices are slightly lower today in the international markets. Despite this, they expect gold prices to trade within a range or slightly higher in the Indian market, driven by continued demand for safe-haven assets. The global economic and geopolitical uncertainties continue to support this demand. As gold prices remain steady in Asian trading after breaking several record highs in the previous session, rising concerns over the global economy provide further backing for gold as an investment.
Key Takeaways:
- Gold Prices Surge in India: The price of gold has seen a sharp increase in India, with notable rises across various carat categories on February 6.
- Safe-Haven Demand Rising: Investors are flocking to gold due to escalating U.S.-China trade tensions and a weakening dollar, reinforcing gold’s reputation as a safe-haven asset.
- Silver Holds Steady: Silver prices remain stable, maintaining demand as an alternative investment option amidst economic uncertainties.
- Technical Outlook for Gold: MCX Gold continues to show upward momentum, with analysts suggesting potential for further price increases if key resistance levels are breached.
Investors should remain alert to global economic shifts and use stop-loss strategies to manage risk as gold continues to attract attention in these uncertain times.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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