Mumbai, Aug 08 : Gold prices continued their upward movement in India on Saturday, August 8, with both 24-carat and 22-carat rates recording gains across major cities. In Delhi, the price of 24-carat gold reached ₹1,50,050 per 10 grams, while Mumbai and Kolkata recorded a rate of ₹1,49,900 per 10 grams.
The latest movement in gold price today comes amid strength in international bullion markets and weakness in the US dollar. Spot gold was trading at $4,336.02 per ounce, with global prices gaining more than 7% during the week.
Market sentiment has also been influenced by fresh US employment data. A decline of 23,000 jobs in US non-farm payrolls in July has added to expectations that the Federal Reserve may have less reason to increase interest rates.
Higher interest rates generally weigh on precious metals because they increase the appeal of interest-bearing assets. Conversely, expectations of softer monetary policy can support demand for gold and silver.
Gold Rates in Major Indian Cities
Gold prices remained elevated across several major markets on August 8. Delhi recorded one of the highest rates, with 24-carat gold at ₹1,50,050 per 10 grams and 22-carat gold at ₹1,37,560.
In Mumbai and Kolkata, 24-carat gold was priced at ₹1,49,900 per 10 grams, while 22-carat gold stood at ₹1,37,410.
Chennai reported a 24-carat rate of ₹1,49,990 and a 22-carat rate of ₹1,37,510 per 10 grams. Pune and Bengaluru recorded ₹1,49,900 for 24-carat gold and ₹1,37,410 for 22-carat gold.
| City | 22-Carat Gold (₹/10g) | 24-Carat Gold (₹/10g) |
|---|---|---|
| Delhi | ₹1,37,560 | ₹1,50,050 |
| Mumbai | ₹1,37,410 | ₹1,49,900 |
| Ahmedabad | ₹1,37,460 | ₹1,49,950 |
| Chennai | ₹1,37,490 | ₹1,49,990 |
| Kolkata | ₹1,37,410 | ₹1,49,900 |
| Hyderabad | ₹1,37,410 | ₹1,49,900 |
| Jaipur | ₹1,37,560 | ₹1,50,050 |
| Bhopal | ₹1,37,460 | ₹1,49,950 |
| Lucknow | ₹1,37,560 | ₹1,50,050 |
| Chandigarh | ₹1,37,560 | ₹1,50,050 |
US-Iran Developments Also in Focus
Investors are also monitoring developments involving the United States and Iran. US President Donald Trump has expressed optimism that the conflict could end soon.
A potential agreement could support the reopening of the Strait of Hormuz, an important global shipping route. Any easing of tensions around the route could reduce concerns over energy prices and inflation, potentially influencing expectations for US monetary policy.
For bullion investors, interest rate expectations remain an important factor. A lower likelihood of aggressive rate hikes can provide support to non-yielding assets such as gold.
Silver Price Today
While gold continued to strengthen, silver prices moved lower across Indian markets on August 8. Silver declined to around ₹2,39,900 per kilogram.
In international markets, spot silver was trading at $63.29 per ounce.
Precious-metal prices can change during the trading session depending on movements in global bullion markets, currency rates, interest-rate expectations and geopolitical developments.