Gold rates in India have dropped by a whopping Rs 21,300 per 100 grams and by Rs 2,130 per 10 grams of 24-carat gold from their record highs.
Gold tracked international prices last week, which could not be maintained at higher levels. With the onset of the long festival Ganesh Chaturthi, could gold prices in India reverse their trend and rally?
Gold Rates in India:
As of August 17, 2025, the 24-carat gold price stood at Rs 1,01,180 per 10 grams and Rs 10,11,800 in 100 grams. Meanwhile, 22-carat gold prices are at Rs 92,750 in 10 grams and at Rs 9,27,500 in 100 grams.
This is lower by Rs 21,300 in 100 grams of 24 carat from its all-time high of Rs 10,33,100 that was touched on August 8, 2025. Meanwhile, the price of 10 grams of gold plunged by Rs 2,130 from the record high performance of Rs 1,03,310.
From August 9th to 17th, gold rates in India have fallen six times, while on the rest of the days, prices were unchanged.
Silver Rates In India:
Meanwhile, 1KG silver price is at RS 1,16,200. Additionally, 100 grams and 10 grams of silver rates are at Rs 11,620 and Rs 1,162, respectively. The cheapest silver is at Rs 116.20.
MCX Gold Price + MCX Silver Price
Last week, on August 14, the MCX gold price with October 2025 expiry, stood at Rs 99,850 per 10 grams, down by Rs 12 or 0.01%. The bullion pulled back from its all-time high of Rs 1,02,250 per 10 grams.
MCX silver price, with September 2025 expiry, stood at Rs 1,13,976 per 1kg, up by Rs 33 or 0.3%. Silver has corrected sharply from its peak of Rs 1,16,641 per 1kg.
Gold & Silver Prices Weekly Outlook:
According to SMC Global Securities’ note, gold began the week under pressure but recovered midweek before closing lower, while silver posted gains. Silver was supported by expectations of a U.S. Federal Reserve rate cut in September, following soft inflation data that weakened the dollar.
Markets see a 25 bps cut as almost certain, with growing bets on a larger 50 bps move. The weaker dollar made gold more attractive to non-USD buyers, while U.S. 10-year Treasury yields stayed near one-week lows. July U.S. CPI rose only marginally, reinforcing dovish policy expectations.
Also, the US President Donald Trump and Russia’s President Vladimir Putin met on Friday. However, the two world leaders closed the Alaskan summit without any deal, including the ceasefire with Ukraine. On Saturday, it was reported that Trump is looking for a comprehensive peace agreement between Russia and Ukraine, instead of a ceasefire.
Reportedly, the US’s 47th President has backed Putin’s idea of Ukraine handing more territory in exchange for a vow that the Kremlin won’t attack again.
These new developments are likely to play a role in defining gold prices ahead.
Adding to market uncertainty, U.S. Customs recently classified certain gold bars under a tariff code. Trade developments remained in focus as the U.S. extended its tariff truce with China by 90 days, offering temporary relief. However, import data showed weakness in physical demand-China’s June gold imports fell to 50 tonnes, down 45% month-on-month, as per SMC’s note.
This brought Q2 imports to 250 tonnes, 18% below 2024 levels, and H1 2025 imports to just 323 tonnes, a steep 62% year-over-year drop, reflecting tepid wholesale demand.
Furthermore, SMC’s note highlighted that last week, the spread between COMEX gold futures and London spot hit a record high. This surge followed new US tariffs (39%) on Swiss exports without clear exemptions for gold bars.
For the week ahead, SMC’s note said, “Technically, COMEX gold has resistance at $3,510; a sustained break could target $3,640, with support near $3,280. Silver is likely to remain in the $36.800-$41.500 range. In the domestic market, gold may trade between Rs. 96,600 and Rs. 1,03,500, while silver could range between Rs. 1,08,900 and Rs. 1,18,000 in the coming week.”