Gold futures on the Multi Commodity Exchange (MCX) have surged close to the significant threshold of Rs 1.8 lakh per 10 grams, as investors increasingly flock to the precious metal seeking safety amidst ongoing geopolitical developments. This robust upward movement in gold prices has been further amplified by a weakening US dollar, driven by market speculation that former President Donald Trump might favor a softer greenback policy.
Substantial Gains on MCX
Gold and silver contracts have extended their strong gains on the MCX, reflecting heightened uncertainty in global markets. Specifically, MCX gold futures contracts expiring on February 5, 2026, witnessed a notable rise of nearly 6%, gaining Rs 9,954 to trade at Rs 1,75,869 per 10 grams. Similarly, silver futures for March 5, 2026, jumped by Rs 15,414, which translates to an increase of approximately 5%, reaching Rs 4,00,780 per kilogram.
International Gold Hits Fresh Record
On the international front, gold prices have soared to a fresh all-time record, approaching the $5,600 mark. This global rally underscores the widespread demand for gold as a safe-haven asset during times of economic and political instability.
Gold Prices Across Major Indian Cities
Here is a detailed look at the current gold rates in various major Indian cities, providing a snapshot of the local market conditions:
- Ahmedabad: 22-carat gold is priced at Rs 16,400 per gram, while 24-carat gold costs Rs 17,890 per gram.
- Bangalore: 22-carat gold retails at Rs 16,395 per gram, and 24-carat gold is available for Rs 17,885 per gram.
- Bhubaneswar: Gold rates stand at Rs 16,395 per gram for 22-carat and Rs 17,885 per gram for 24-carat.
- Chennai: The city is experiencing higher gold rates, with 22-carat gold priced at Rs 16,800 per gram and 24-carat gold at Rs 18,328 per gram.
- Delhi: In the national capital, 22-carat gold is priced at Rs 16,410 per gram, while 24-carat gold sells for Rs 17,900 per gram.
- Hyderabad: Gold here is priced at Rs 16,395 per gram for 22-carat purity and Rs 17,885 per gram for 24-carat purity.
- Jaipur: The city's gold rates are Rs 16,410 per gram for 22-carat gold and Rs 17,900 per gram for 24-carat gold.
- Kanpur: 22-carat gold is available at Rs 16,410 per gram, and 24-carat gold costs Rs 17,900 per gram.
- Kolkata: Gold prices are Rs 16,395 per gram for 22-carat gold and Rs 17,885 per gram for 24-carat gold.
- Mumbai: 22-carat gold is priced at Rs 16,395 per gram, while 24-carat gold retails at Rs 17,885 per gram.
The combination of geopolitical tensions and a weaker dollar has created a perfect storm for gold, driving prices to new heights both domestically and internationally. Investors continue to monitor these factors closely as they navigate the volatile precious metals market.
