Gold prices extended their winning streak on Tuesday, climbing higher as global investors flocked to the traditional safe-haven asset. The move was triggered by escalating political instability in Venezuela and rising geopolitical tensions between the United States and Latin America.
Domestic and International Markets Rally
On the domestic front, February gold futures on the Multi Commodity Exchange (MCX) saw a gain of Rs 445, or 0.32%, settling at Rs 1,38,565 per 10 grams. The trading session witnessed a substantial volume with 14,949 lots changing hands.
The bullish trend was mirrored in international markets. Comex February gold futures advanced by $24.9, or 0.56%, to close at a robust $4,476.4 per ounce.
Analyst Cites Safe-Haven Demand
Jigar Trivedi, Senior Research Analyst at Reliance Securities, attributed the rally to heightened risk aversion among investors. He noted that the yellow metal "rose above $4,450 per ounce, marking a third consecutive session of gains". This upward momentum, Trivedi explained, was "driven by increased demand for safe-haven assets amid political turmoil in Venezuela."
Gold Price in Major Indian Cities Today
Here is a look at the prevailing gold rates across key Indian cities for Tuesday:
- Ahmedabad: 24K gold at Rs 12,730; 22K gold at Rs 13,887.
- Bangalore: 24K gold at Rs 12,725; 22K gold at Rs 13,882.
- Bhubaneswar: 24K gold at Rs 12,725; 22K gold at Rs 13,882.
- Chennai: 24K gold at Rs 12,830; 22K gold at Rs 13,997.
- Delhi: 24K gold at Rs 12,740 (up Rs 130); 22K gold at Rs 13,897.
- Hyderabad: 24K gold at Rs 12,725; 22K gold at Rs 13,882.
- Jaipur: 24K gold at Rs 12,740; 22K gold at Rs 13,897.
- Kolkata: 24K gold at Rs 12,725; 22K gold at Rs 13,882.
- Mumbai: 24K gold at Rs 12,725; 22K gold at Rs 13,882.
- Kanpur: 24K gold at Rs 12,740; 22K gold at Rs 13,897.
Outlook and Implications
The consistent rise in gold prices underscores the metal's role as a preferred shelter during times of global uncertainty. With the situation in Latin America remaining fluid and broader geopolitical risks persisting, the demand for safe haven assets like gold is likely to stay elevated. This trend is directly impacting MCX gold futures and the spot prices paid by consumers across India, making it a critical watch for investors and buyers alike.
