Gold Prices Drop: Gold is on an 2nd day fall after budget announcement.

Gold is on an 2nd day fall after budget announcement. Gold Price February 4, 2020: On Tuesday, the price of gold has decreased by up to ₹400 (24-carat, 22 carat). At present, the average rate of 10 grams of gold is ₹84,100.

The government’s decision to not hike import duties on gold in the budget has come as a relief for investors, and it also had an indirect benefit for consumers. Gold prices are now on the retreat from their recent high.

Reasons Why Gold is Trading Above ₹84,000

Gold prices have soared due to the new US policies and also global market volatility. Such factors have led investors to perceive gold as a safe-haven investment, creating an upward spiral of demand and price. If interest rates sink and market uncertainty continues, the prices of gold and silver may climb further, experts say. In India, demand for gold normally increases in wedding seasons and during festivals, which may further elevate prices in the coming months.

Gold Prices in Mumbai and Delhi

In Delhi, 24-carat gold is priced at ₹84,190 after plunging about ₹400, while the 22-carat gold is selling at ₹77,190 per 10 grams. The price of 22-carat gold is ₹77,040 per 10 grams, while 24-carat gold is at ₹84,040 in Mumbai. Here are the gold rates for four major cities as of 4th February 2025:

City22-Carat Gold Rate24-Carat Gold Rate
Delhi₹77,190₹84,190
Chennai₹77,040₹84,040
Mumbai₹77,040₹84,040
Kolkata₹77,040₹84,040

Silver Prices on 4th February

On Saturday, 3rd February, silver prices saw a marginal decline of ₹100, with the rate settling at ₹99,300 per kilogram. Previously, silver was trading at ₹99,400 per kilogram. Despite the drop, silver has not yet returned to its record high of ₹1,00,000.

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