The gold rate in India took a dramatic turn today, falling by 2,700per 100 grams for 24-carat gold. This drop in the gold rate in India comes after nearly six consecutive days of relentless price surges, where gold repeatedly broke past previous records and reached historic highs of Rs. 1,03,310 for pure gold.
The sudden drop is expected to bring much-needed relief to buyers, especially as Raksha Bandhan is being celebrated today in India. Additionally, investors who were concerned about the continuously rising gold rates will also find some relief. Over the past week, bullion markets have been on fire due to the U.S. tariff imposition, which gave a strong push to gold prices in India.
In the international market as well, spot gold and gold futures had surged rapidly, fuelled by safe-haven buying and a weakening dollar.
Gold Rate in India Today
On Saturday, August 9th, 24-carat gold rates in India slipped by Rs. 270 per 10 grams to cost Rs. 1,03,040. While the 22-carat gold price stands at Rs. 94,450 per 10 grams after a decline of Rs. 250. The cheaper variant, 18-carat gold, dropped by Rs. 210 to retail at Rs. 77,280 per 10 grams.
The bigger weight variant of gold also saw the same decline, as 100 grams of 24-carat gold rates now retail at Rs 10,30,400, and the 22-carat gold rates per 100 grams now cost Rs 9,44,500.
Silver prices in India today
Silver rates in India remained unchanged on August 9th; 1 kg of silver in India cost Rs. 117,000. While 100 g of silver rates in India retail at Rs. 11,700.
Gold Prices Target and Outlook Ahead
“The US has imposed tariffs on imports of one-kilo and 100-ounce gold bars, a decision set to disrupt the global bullion market and strike Switzerland, the top gold refining hub. Domestic demand for the festive and wedding season also favours high levels of prices. Even as prices are at all-time highs, gold is still an essential element of diversification in a portfolio. One can adopt a staggered entry through SIPs in gold ETF or sovereign gold bonds to ride through volatility and still get long-term exposure. Any price correction because of short-term profit booking can prove to be a new entry point.” said Aksha Kamboj, VP, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures
“Gold prices are expected to witness profit booking. One can sell at 102000 with a stop loss of 102300 for the target at 101700-101400. One can also buy from 101300 with a stop loss of 10100,” as per Nirmal Bang Securities.
City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India
Here’s a look at the latest gold prices for 22-carat and 24-carat gold in major Indian cities on August 9th
Gold Price in Chennai
The current 24-carat gold rate in Chennai is Rs. 1,03,040 per 10 grams, while the 22-carat gold price in Chennai stands at Rs. 94,450 per 10 grams.
Gold Price in Bangalore
The gold market in Bengaluru is witnessing similar trends. As of today, the 22-carat gold rate in Bangalore is Rs. 94,450 per 10 grams, whereas the 24-carat gold rate in Bangalore is Rs. 1,03,040 per 10 grams.
Gold Rate in Hyderabad
The 22K gold price in Hyderabad is Rs. 94,450 per 10 grams, while the 24K gold price in Hyderabad is Rs. 1,03,040 per 10 grams.
Gold Price in Mumbai
The 22-carat gold rate in Mumbai is Rs. 94,450 per 10 grams, whereas the 24-carat gold price in Mumbai stands at Rs. 1,03,040 per 10 grams.
MCX Gold and Silver Prices
Gold futures on the MCX closed in the green zone on Friday, Aug 9th. Gold futures prices on the MCX, which are going to mature on October 3rd, closed at Rs. 1,01,949 per 10 grams, up 0.47%. Similarly, silver futures prices set to mature on September 5th settled at Rs 1,14,967, which jumped by 0.60% Friday.
Spot Gold Price and Spot Silver Rate
According to the latest Reuters report, “Spot gold steadied at $3,396.8 per ounce as of 2:52 p.m. ET (1852 GMT), but was up 1% for the week. Spot silver was steady at $38.29.”
“Spot Gold is likely to hold support near $3350 and rise towards $3400 on a softer dollar. Further, tariff concerns and US interest rate cut hopes would support the precious metal to hold firm. As per the CME FedWatch tool, September rate cut bets have gone above 92%. Furthermore, stagflation concerns would also support the precious metal to hold its gains. Meanwhile, investors will keep an eye on progress in talks between the US and Russia. Any positive outcome might reduce the precious metals safe-haven appeal.” As per the ICICI Commodity Report.