What’s Cooking in the Gold Market?
On Tuesday, February 4, gold prices remained steady, hovering above ₹84,000 per 10 grams, thanks to a weaker US dollar and some global market drama. Turns out, Donald Trump’s latest tariff delay for Canada and Mexico played a part in shaking things up.
Here’s what happened:
- The US dollar slipped 0.3%, making gold a little more attractive for buyers.
- Gold prices had dropped over ₹400 per 10 grams on Monday, after early reports suggested that the US might go all out with high tariffs.
- The US dollar index took a hit, slipping to 108.67, and that was enough for gold to hold its ground in global markets, where it traded above $2,800 an ounce.
Gold Price Today in Major Cities:
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
| Delhi | ₹77,190 | ₹84,190 |
| Mumbai | ₹77,040 | ₹84,040 |
| Chennai | ₹77,040 | ₹84,040 |
| Kolkata | ₹77,040 | ₹84,040 |
So, the price dip is there, but not exactly the “gold is cheap, let’s buy more” kind of situation.
And What About Silver?
Silver, the often-overlooked sibling of gold, also took a slight ₹100 dip, trading at ₹99,400 per kilogram.
- It had remained steady at ₹99,500 per kg on Monday, but industrial demand is sluggish, keeping prices in check.
- Globally, silver is sitting at $31.61 an ounce, not making any dramatic moves.
Silver Price Today in Major Cities:
| City | Silver Price (per kg) |
| Delhi | ₹99,400 |
| Mumbai | ₹99,400 |
| Chennai | ₹1,06,900 |
| Kolkata | ₹99,400 |
Gold vs. Silver: How Are They Holding Up This Week?
- Gold lost ₹400 per 10 grams on Monday, thanks to trade war jitters and a stronger dollar that made investors rethink their safe-haven bets.
- Silver has been pretty stable, trading in a tight range without much excitement.
Comparison of gold and silver prices from earlier this week:
| Date | 22K Gold (per 10g) | 24K Gold (per 10g) | Silver Price (per kg) |
| Feb-04 | ₹77,040 | ₹84,040 | ₹99,400 |
| Feb-03 | ₹77,050 | ₹84,050 | ₹99,500 |
| Feb-01 | ₹77,450 | ₹84,490 | ₹99,500 |
| Jan-31 | ₹77,300 | ₹84,330 | ₹99,500 |
| Jan-30 | ₹76,100 | ₹83,020 | ₹98,500 |
| Jan-29 | ₹75,950 | ₹82,850 | ₹96,500 |
| Jan-28 | ₹75,100 | ₹81,930 | ₹96,500 |
What’s Next?
Gold prices are playing the waiting game. Investors are watching for US labour data and Federal Reserve speeches, which could give some clarity on where things are headed.
Bottom Line:
If you’re waiting for a major gold price crash before you buy, you might have to wait longer. For now, the yellow metal remains firmly above ₹84,000, and unless something dramatic happens in global markets, it’s unlikely to see a sharp drop anytime soon.
So, whether you’re a gold investor or just someone whose family still debates gold prices at every gathering, keep an eye on the trends. You never know when it’s the right time to make that big purchase—or at least sound like an expert at the next dinner party.
