Gold, Silver Prices Today, 4 February: Gold futures, maturing on February 3, were in the green on Monday at Rs 56,890 per 10 grams, day after touching new lifetime high of Rs 57,149 per 10 grams. Silver futures too came down by Rs 112 at Rs 68,400 per kg.
Both gold and silver prices rose on the Multi Commodity Exchange (MCX) on Friday, February 3.
On Multi Commodity Exchange (MCX), gold futures prices softened after the US Fed and most of the European central banks showed slightly dovish interest rate stance. Gold June futures were trading slightly lower at Rs 56,852 per 10 grams on February 4.
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As far the spot gold rate is concerned, the price at which gold may be bought and sold right now, the precious metal (24 karat purity) was quoted at Rs 58,080 per 10 grams in the national capital, while the rate of 22-karat metal was Rs 53,250 per 10 grams on February 4.
Gold (24 karat) prices (10 grams) in Delhi, Mumbai, key Indian cities today
Delhi – Rs 58,080 as against Rs 57,430 yesterday
Mumbai – Rs 57,930 as against Rs 57,270 yesterday
Chennai – Rs 59,070 as against Rs 58,230 yesterday
Kolkata – Rs 57,160 as against Rs 57,270 yesterday
Bangalore – Rs 57,210 as against Rs 57,330 yesterday
Ahmedabad – Rs 57,210 as against Rs 57,330 yesterday
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Silver prices (1 kg) in key India cities today
Delhi – Rs 71,200 as against Rs 72,300 yesterday
Mumbai – Rs 71,200 as against Rs 72,200 yesterday
Chennai – Rs 74,200 as against Rs 74,500 yesterday
Kolkata – Rs 71,200 as against Rs 72,300 yesterday
Bangalore – Rs 74,200 as against Rs 74,500 yesterday
Ahmedabad – Rs 71,200 as against Rs 72,200 yesterday
The US Fed lowered its rate increase on Wednesday after hikes of more than 50 bps several times last year. On Wednesday, it just hiked the key interest rate by a quarter of a percentage point. Though the federal Reserve highlighted that the disinflation is still there in its early stages. Lower rate of Fed hike seems to be advantageous for gold since it lowers the opportunity cost of storing non-yielding metal. However, amid chances that the US central bank might continue to raise interest rates, the gains in gold prices appear to be limited.
