Gold and silver price on February 1: Gold rate above ₹84,300 in major cities amid US tariff threats

Gold prices rose for the fourth straight day on Saturday, February 1, on strong domestic demand and uncertainty around US President Donald Trump's tariff policies.

The precious metal closed above $2,800 an ounce in global markets on Friday due to trade uncertainty as the White House confirmed the 25% duty on imports from Canada and Mexico and 10% levy on goods from China. Strong local demand for the upcoming marriage season also boosted the prices.

Gold prices jumped ₹1,310 on Friday in line with global trends. The 24K gold breached the ₹84,000 per 10 grams mark extending its record-smashing run to the third day. Spot gold closed higher by 0.25% to $2,801 an ounce on Friday.

Gold Price Today in India (February 1, 2025)

In Delhi markets, 24K gold prices gained by ₹10 to ₹84,490 per 10 grams and 22K gold at ₹77,460 per 10 grams. The 24K Gold in Mumbai increased ₹10 to ₹84,340 per 10 grams and 22K gold to ₹77,310 per 10 grams.

Gold Price Today in Major Cities:

Silver Price Today in India (February 1, 2025)

Silver prices rose for the third day in a row on Saturday on firm demand from industrial users ahead of the Union Budget 2025.

Silver gained ₹100 to ₹99,600 per kg in major Indian cities following a ₹ 1,000 jump on the previous day. Since January 30, silver prices have rallied ₹3,100 per kg. Spot silver was down 1.14% to $31.30 an ounce on Friday.

Silver Price Today in Major Cities:

Comparison of Gold and Silver Prices This Week

Gold prices have been on an upward trend since January 29, while touching record high levels on the back of firm local demand and a sharp rally in global markets.

Silver prices gained for the third day in a row this week, driven by local demand and uncertainty ahead of the Union Budget, which will be presented later in the day.

Here’s a comparison of gold and silver prices from earlier this week: