Gold prices remained volatile on Sunday, February 1, amid a special Budget Day trading session, with sharp intraday swings seen in the commodity market. Despite a steep fall earlier in the session, prices showed signs of stabilization as buying emerged at lower levels.
As per the latest available rates, 24K gold is priced at Rs 1,60,730 per 10 grams, while 22K gold stands at Rs 1,47,350 per 10 grams. 18K gold is currently trading at Rs 1,20,590 per 10 grams.
The sharp movement in gold prices comes after heavy profit-booking following a prolonged rally, coupled with global cues such as a stronger US dollar, rising bond yields, and uncertainty around global monetary policy. Traders also pointed out that volatility is elevated as the commodity segment is open on a Sunday due to the Union Budget presentation, which can lead to rapid price fluctuations.
Market participants are closely tracking both global developments and domestic cues, with prices expected to remain sensitive through the session due to thinner liquidity compared to regular trading days.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market and commodity investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
