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Gold glittered again on February 15 as MCX futures climbed to around Rs. 1.57 lakhs per 10 grams, reversing the recent softness and bringing back optimism in the bullion market.
This was soon seen in the physical markets as well, with the rise in prices doing little to dampen the spirits of the wedding planners as well as small investors, who continued to view gold as a reliable investment option. In the spot markets, gold in the form of 24-carat gold was seen trading in the range of Rs. 15,800 to Rs. 15,900 per gram.
The price of 22-carat gold was seen trading in the range of Rs. 14,800 to Rs. 14,900 per gram. The price of 18-carat gold was seen trading above Rs. 11,800 per gram in most of the metros.
The sharp recovery on the Multi-Commodity Exchange was powered by fresh futures buying and supportive global signals. A slightly weaker dollar, continued central-bank accumulation, and lingering geopolitical concerns helped restore gold’s safe-haven appeal.
Market participants said the recent dip encouraged value buying, allowing bullion to stay close to its record levels in the domestic derivatives segment. There is also growing belief that interest-rate cycles in major economies may become more favourable for non-yielding assets such as gold.
Also Read: Gold Price Today: MCX Gold Surges Over 1% Amid Value Buying; Silver Extends Gains
Retail prices followed the broader momentum. In the case of Delhi and Mumbai, the price of 24K gold was around Rs. 15,880 per gram, and that of 22K was around Rs. 14,560.
Chennai continued to be on the higher side, with 24K gold being around Rs. 15,900 and 22K being around Rs. 14,580. Kolkata continued to follow the same trend, with 24K gold being around Rs. 15,840 per gram.
There will be some volatility in the coming days, and this will be driven by the movement in the US dollar, bond yields, and inflation numbers across the globe. If there is a clear indication that there will be a reduction in interest rates, then there will be fresh movement in gold prices. If the Indian rupee strengthens, then there will be a limitation on the price appreciation of the precious metal.
Meanwhile, the message that the market sends us is that when there is more uncertainty, then gold finds its own way to be in the news and in shopping baskets.
