Indian Gold Prices Surge Amid Global Market Volatility

On 3 February 2026, the price of 24K gold at ₹151,880 per 10 grams, reflecting a gain of ₹8,990 compared to its previous close. Meanwhile, 22K gold is at ₹139,223 per 10 grams. Gold prices in India are largely influenced by international spot gold rates, US dollar fluctuations, and import duties on Gold among other things. Gold prices in India continue to remain higher than in Dubai. On 3 February 2026 the price of 24K gold in India is at ₹151,880 per 10 grams, while in Dubai it is ₹143,360, reflecting a difference of ₹8,520 or 5.94%. Similarly, 22K and 18K gold prices in India were also about 5.94% costlier compared to the price of gold in Dubai , not accounting for fees, duties, and taxes. Gold prices are trending up and have consolidated from their recent record lows. Prices of the yellow metal are recovering as persistent buying by central banks and strong physical demand continue to support the precious metal. As of 10:50 am (IST), April gold futures were up nearly 4% on the MCX . Analysts said that renewed investor interest in gold, along with geopolitical uncertainties, continues to lift safe-haven demand for the metal. Additionally, concerns over the US Federal Reserve’s independence have also supported gold prices. ALSO READ Silver ETFs fall up to 19%, Nippon India’s SILVERBEES closes 12.5% lower Experts said that the recent volatility was largely due to excessive purchases by Chinese speculators, which had lifted gold prices to record-high sessions. Expectations of two rate cuts by the US Federal Reserve have also continued to support the yellow metal. Analysts said that gold prices are expected to remain range-bound in the near term as they consolidate after heavy profit-booking. Markets are closely watching the nomination of Kevin Warsh as the next chair of the US Federal Reserve, who is seen as having a relatively hawkish stance. Additionally, the recovery in the dollar index and strong US economic data are key factors to watch. Retail investors are advised to track not just domestic rates but also international trends before making buying decisions.