Gold price today: Rebounds nearly 4% close to Rs 1.60 lakh per 10 grams amid renewed safe-haven buying

Gold price

• Gold prices rose 2.92 percent to $5,079 per ounce amid safe-haven buying
• MCX gold futures surged 3.81 percent, reaching Rs 159,675 per 10 grams
• US–India tariff cuts may ease trade, supporting rupee and capping gold prices

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Gold's futures price opened higher on the February 3 session, hovering at Rs 159,675 on MCX, which is a 3.81 increase from the previous close of Rs 1,53,809 per 10 grams.

The metal's price climbed 2.92 percent at $5,079 per ounce on Wednesday as of 2:53 am GMT, amid safe-haven buying.

Meanwhile rupee stood at 90.30 against the US dollar, which is a 0.10 percent decline in a day and 1.89 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 50 percent to 18 percent, a move which is expected to ease trade between the two countries.

“Gold traded strongly positive as CME Gold surged above 4,900$ in the first session, triggering sharp upside momentum in MCX gold, which rallied above Rs 1,51,000, gaining nearly Rs 8,000 intraday. The breakout reflects renewed safe-haven buying and short covering at lower levels," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Trivedi adds that this week, the US Nonfarm Payrolls and Unemployment data will be closely tracked, as they remain critical inputs for the Fed’s rate outlook and could inject further volatility into bullion. Technically, Gold has immediate support near Rs 1,45,000, while resistance is seen around Rs 1,55,000.

The Augmont Bullion report, published on February 3, noted that gold has rebounded nearly 10 percent from recent lows as markets factor in the absence of key US economic data due to a partial government shutdown and renewed bargain hunting. The shutdown began after Congress failed to fund the Labour Department and other agencies, adding short-term uncertainty.

Meanwhile, the US–India trade deal has supported the Indian rupee, with USD/INR appreciating toward 90.20, up nearly 1 percent. While tariff cuts to 18 percent improve trade relations, reduced uncertainty and a stronger rupee may temporarily cap domestic gold and silver prices by easing safe-haven demand and lowering import costs, despite supportive long-term fundamentals.

The report predicts that gold prices may extend the ongoing rebound toward $5,000 (Rs 1,55,000), with strong support seen near $4,600 (Rs 1,39,000).

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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.