Gold price today: Opens 1.46% higher to Rs 1,57,703 as investors step in to buy on dips

Gold price today

Gold prices on February 9 edged higher after a volatile week, as market participants stepped in to dip-buying.

On the domestic front, gold futures on MCX opened the session at Rs 1,57,703 per 10 grams on February 9, up 1.46 percent. Meanwhile, the Indian Bullion and Jewellers Association fixed the standard gold price at Rs 1,52,078 per 10 grams during its February 7 evening session.

The metal was trading at $5,012 an ounce in the international spot market at 02:24 am GMT, up 0.65 percent from the previous close.

The rupee strengthened marginally against the dollar, with USD-INR at 90.43, lower by 0.16 percent on the day and 0.93 percent over the week.

According to Augmont’s February 7 report, gold is expected to stay weak in the near term and consolidate in the $4,550–$5,100 range (Rs 1,40,000–Rs 1,60,000). Analysts recommend a buy-on-dips and sell-on-rallies strategy, while a break below $4,550 may push prices toward the next support around $4,200 (Rs 1,30,000).

Traders are turning to upcoming US economic data for clarity on the Fed's policy direction.

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.