As India prepares for the upcoming festive season, gold prices have reached an all-time high, crossing the ₹1.03 lakh mark per 10 grams for 24k gold on Friday, August 8. A perfect storm of festive buying, safe-haven demand, and global geopolitical tensions has propelled the yellow metal to historic levels, drawing the attention of both investors and jewelry buyers.
Gold and Silver Prices in India Today – August 8
The surge in prices has taken gold to unprecedented levels across all categories:
- 24K Gold: ₹10,331 per gram | ₹1,03,310 per 10 grams
(Up ₹760 from ₹1,02,550 on Thursday) - 22K Gold: ₹9,470 per gram | ₹94,700 per 10 grams
(Up ₹700 from ₹94,000 on Thursday) - 18K Gold: ₹7,749 per gram | ₹77,490 per 10 grams
(Up ₹580 from ₹76,910 on Thursday)
On a larger scale:
- 100 grams of 24K gold now costs ₹10,33,100
- 100 grams of 22K gold is priced at ₹9,47,000
- 100 grams of 18K gold sits at ₹7,74,900
Meanwhile, silver prices remain unchanged at ₹117 per gram and ₹1,17,000 per kilogram, maintaining stability amid gold’s rally.
Why Is Gold Skyrocketing?
The rise is fueled by a mix of seasonal and global factors:
- Festive Demand: With Raksha Bandhan and other festivals around the corner, retail demand has surged. Gold remains a traditional favorite for gifts and auspicious purchases.
- Global Uncertainty: Tensions around trade policies—especially former President Donald Trump’s threat of a 100% tariff on chip imports—are unsettling markets. Investors are turning to gold as a safe-haven asset.
- Weakening Rupee: A falling rupee against the US dollar is pushing import costs higher, further inflating local gold prices.
MCX Gold Technical Outlook
On the MCX, gold is hovering near its lifetime highs, supported by strong bullish momentum.
“Gold is in a strong uptrend on the daily chart, trading well above short-term moving averages. RSI remains firm above 60. However, the price is far from support zones, making new entries less favorable at this stage,”
— Abhishek M Pelu, Research Analyst, Way2Wealth Brokers
- Key Support: ₹100,240 – ₹99,400
- Resistance Levels: ₹102,500 and beyond
Traders are advised to hold existing long positions, with cautious optimism as the rally matures.
Fundamental Perspective
Precious metals are also gaining ground globally. According to Nirmal Bang Securities, both gold and silver are expected to trade range-bound to higher throughout the day.
“Investors are weighing the global uncertainty stirred by Trump’s aggressive trade rhetoric. This is further fueling safe-haven buying in metals, especially gold,”
— Nirmal Bang Research Desk
Should You Buy Gold Now?
If you’re buying for festive or personal reasons, timing may not matter much. But for investors, the current price level demands caution. While the trend remains bullish, profit booking or corrections can’t be ruled out.
Gold has firmly cemented its place as a go-to asset amid global uncertainty, and India’s cultural affinity for it is giving the metal a further push. Whether you’re a seasonal buyer, investor, or trader, keep a close watch on global cues, domestic demand, and the rupee’s trajectory as we move deeper into the festive calendar.
