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NRIPage | Articles | Gold Futures Prices Hit Record High on MCX | Get Influencers & Content creation. Discover the Leading Voices Shaping Trends - NRI Page
Gold futures on the Multi Commodity Exchange (MCX) have surged to an all-time high, climbing 0.43% from Thursday's rates, reaching Rs 79,970 for contracts expiring on February 5, 2025. The precious metal has seen an upward trajectory this week, following a climb in spot prices which also touched record highs. As of 6:50 a.m. on Friday, gold's spot price in India stood at Rs 79,980 per 10 grams, according to the India Bullion Association. Despite the earlier rise, prices cooled off slightly after reaching a peak of Rs 82,700 per 10 grams in Delhi on Wednesday, marking six consecutive days of gains.
Experts attribute the rise in gold prices to multiple factors, including concerns over US President Donald Trump's trade policies. Saumil Gandhi, a senior commodities analyst at HDFC Securities, noted that investors have flocked to gold as a safe haven amidst global uncertainties, especially following Trump's delay in implementing trade tariffs on China, Mexico, and Canada. These uncertainties have sparked fears of a prolonged trade war, further boosting demand for gold. In addition to global factors, gold has been buoyed by domestic economic indicators, including the upcoming budget and seasonal factors.
Domestic demand has also contributed to gold's price rise, with analysts predicting higher sales during the marriage season in February and March, as well as during the Akshaya Tritiya festival in April and May. Darshan Chauhan, director at Sky Gold, explained that the marriage season is a significant driver of retail gold purchases, and the upcoming festivals are expected to continue this trend. This combination of global economic uncertainty and strong domestic demand has pushed gold prices to record levels, with experts keeping a close watch on the evolving market trends.
