Gold prices saw a notable rise in India on Saturday, February 8, driven by the market’s focus on U.S. employment data and the recent outcome of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting. Despite ongoing trade tensions between the United States and China, gold continues to receive support, with expectations of further price increases due to safe-haven demand amid geopolitical concerns, a strong U.S. dollar, and hawkish central bank statements.
Gold Prices in India
As of today, the price of 24-carat gold in India stands at Rs 8,667 per gram, while 22-carat gold is priced at Rs 7,945 per gram. The price of 22-carat gold for 10 grams rose by Rs 150, from Rs 79,300 on Friday to Rs 79,450 on Saturday. The cost of 100 grams of 22-carat gold increased by Rs 1,500, reaching Rs 7,94,500, compared to Rs 7,93,000 on Friday.
For 24-carat gold, the price of 100 grams has climbed by Rs 1,600, reaching Rs 8,66,700 today, up from Rs 8,65,100 the previous day. Similarly, the price of 10 grams of 24-carat gold increased by Rs 160, from Rs 86,510 on Friday to Rs 86,670 on Saturday.
The price of 18-carat gold also saw an uptick, with 10 grams now priced at Rs 65,010, an increase of Rs 130 from Friday’s rate of Rs 64,880. The price of 100 grams of 18-carat gold rose by Rs 1,300, from Rs 6,48,800 to Rs 6,50,100.
Silver Prices Remain Unchanged
In contrast to gold, silver prices in India remained steady today. The price of silver is holding firm at Rs 99.50 per gram and Rs 99,500 per kilogram.
Outlook for Gold
Looking ahead, technical indicators suggest that gold remains in a bullish phase. Spot gold (XAU/USD) closed at $2,849.00, up 1.24% from its opening price of $2,814.24. Moving averages point to continued upward momentum, while the MACD indicates persistent buying interest, despite some slowdown. Key resistance levels for gold are set at $2,853.85, with support at $2,798.49. Market analysts are closely watching for further developments in U.S.-China trade tensions and upcoming U.S. economic data. A break above $2,860 could occur if risk sentiment worsens, although easing geopolitical risks could trigger a short-term pullback.
In summary, gold continues to be supported by geopolitical risks and market uncertainty, with silver prices holding steady amid the broader trend.
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