Gold price on February 3 gains 4.17 percent at $4,846 amid strong dollar

Gold price today

• Gold price rose 4.17 percent to $4,846 per ounce amid a strong dollar
• MCX gold futures fell 0.69 percent, closing at Rs 143,000 per 10 grams
• Analysts expect gold to fall 3-4 percent, stabilizing near $4,320–$4,300 levels

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Gold price climbed 4.17 percent at $4,846 per ounce on February 3 as of 2:04 am GMT, amid a strong dollar.

On MCX, the metal's futures price closed the Tuesday session lower at Rs 143,000, representing 0.69 decline from the previous close at Rs 1,43,991 per 10 grams.

Meanwhile Rupee stood at 90.91 against the US dollar, which is a 1.18 percent decline in a day and 1.40 percent dip in a week. Trade analysts hope for a fall on USD-INR rate as US President Trump lowers the tariff for India from 25 percent to 18 percent, a move which is expected to ease trade between the two countries.

The Trump administration has nominated Kevin Warsh as the next Federal Reserve chair, which has triggered a sharp reassessment of rate expectations. Warsh’s nomination is increasing mixed reactions regarding rate cut expectations this year.

"Market focus now turns to a heavy macro calendar later this week, including the RBI policy decision, U.S. jobs data, and global manufacturing and services PMI releases, all of which are likely to set the near-term tone for rates, the dollar, and precious metals volatility," said Manav Modi, Commodities Analyst at Motilal Oswal Financial.

The Augmont Bullion report, published on February 2, predicts that gold prices are expected to fall by 3-4 percent and take support around $4,320–$4,300 (Rs 1,33,000-Rs 1,35,000) zone and stabilise at those levels. "These dips should be used as a buying opportunity to accumulate atleast 50% of the investment amount for the long-term. On the upside, any rebound is likely to face immediate resistance near the $4,750–4,800 zone.

Gold prices vary by purity. Check the prices of gold based on its purity.

City-wise gold prices in India today

Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.