New Delhi, Feb 1: Gold prices remained unchanged at their all-time high of Rs 84,900 per 10 grams in the national capital on Saturday, according to the All India Sarafa Association.
On Friday, the price of 99.9% pure gold had surged for the third consecutive session, climbing Rs 1,100 to reach a record peak of Rs 84,900 per 10 grams, driven by strong domestic demand. Since January 1, when it traded at Rs 79,390 per 10 grams, gold has risen by Rs 5,510 or 7% in the local market.
Similarly, gold of 99.5% purity also remained steady at Rs 84,500 per 10 grams, marking its record high on Saturday.
Meanwhile, silver continued its upward momentum for the fourth straight session, jumping Rs 700 to reach Rs 95,700 per kilogram due to sustained buying from industrial units and coin makers. The metal had closed at Rs 95,000 per kg on Friday. Over the past four sessions, silver has gained Rs 2,700 or 2.9%, rising from Rs 93,000 per kg on January 29.
In the futures market, gold contracts for February delivery dipped slightly by Rs 5 to Rs 81,883 per 10 grams on the Multi Commodity Exchange (MCX). However, during the day, it advanced by Rs 612 or 0.75% to hit another fresh peak of Rs 82,500 per 10 grams. Gold contracts for April delivery saw a notable increase of Rs 1,127 or 1.37%, reaching a record high of Rs 83,360 per 10 grams as Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 on Saturday.
Silver contracts for March delivery experienced a minor decline, slipping Rs 38 or 0.04% to Rs 93,290 per kg.
Globally, commodity markets were closed due to holidays. However, on Friday, Comex gold futures hit an all-time high of USD 2,862.90 per ounce before paring gains to close at USD 2,835 per ounce.
Notably, the Union Budget 2025-26 did not include any announcements related to the precious metals sector, leaving traders to analyze potential market implications. The absence of policy changes suggests that domestic demand and global trends will continue to influence gold and silver prices.
MP Ahammed, Chairman of Malabar Group, noted that the Budget prioritizes stimulating consumption, bolstering domestic manufacturing, and fostering job creation. He highlighted that reforms in personal income tax will enhance disposable income, boosting urban consumption and strengthening economic growth.
For the retail and jewelry sectors, increased consumer spending is expected to drive demand, supporting industry expansion and employment generation, Ahammed added.
