On August 8, gold prices in India soared to a new record. The price for 24-carat gold hit ₹1.03 lakh for 10 grams. This surge is mainly due to high demand during the festive season and rising global tensions.
As of Friday, 24-carat gold was priced at ₹10,331 per gram. For 22-carat gold, the price was ₹9,470 per gram, and 18-carat gold was at ₹7,749 per gram. The increase of ₹760 from Thursday’s price of ₹1,02,550 illustrates the ongoing rally in gold prices. For 100 grams, the price is ₹10,33,100, marking the highest level ever recorded, following a sharp increase of ₹7,600 overnight.
The price for 10 grams of 22-carat gold reached ₹94,700 today, up from ₹94,000 yesterday. This represents a price gain of ₹700. Similarly, the price for 10 grams of 18-carat gold rose to ₹77,490, an increase of ₹580 from ₹76,910 the previous day. For 100 grams, 18-carat gold costs ₹7,74,900, which is ₹5,800 higher than Thursday’s price.
In contrast, silver prices remained stable at ₹117 per gram and ₹1,17,000 per kilogram.
A research analyst from Way2Wealth Brokers, Abhishek M Pelu, commented on the MCX Gold outlook. He noted that gold continues to show an upward trend on the daily chart, trading near its all-time high levels. However, he cautioned that the price is trading far above support levels, making it risky for traders.
Support levels are currently set between ₹100,240 and ₹99,400, while resistance is seen at ₹102,500. Pelu advised traders to hold their bullish positions in MCX Gold.
According to analysts at Nirmal Bang Securities, gold and silver prices are expected to trade higher today. The increase in prices results from uncertainty surrounding international trade, especially after U.S. President Donald Trump’s recent tariffs on chip imports.
Gold prices are also influenced by global economic factors. The dollar’s strength and policy changes in the U.S. have led to increased investment in gold as a safe haven.
The ongoing festive season in India has further fueled demand for gold. Many people buy gold for weddings and other celebrations, which typically happen during this time of year. The high prices may push some buyers towards lighter, lower-karat gold or investment-grade formats.
In summary, gold prices in India have reached a historic high amid strong festive demand and global economic uncertainties. Investors and buyers alike are keeping a close watch on this valuable metal as the market continues to fluctuate.