Gold Prices Flat on August 31 Amid Weak International Bullion Markets
On August 31, gold and silver prices in India remained largely flat due to weakness in international bullion markets. The spot price of gold stood at ₹156,850 per 10 grams, while silver rates were at ₹242,190 per kilogram. On the Multi Commodity Exchange (MCX), gold futures dropped by 1.63% to ₹1,56,400 per 10 grams, and silver futures fell by 2.07% to around ₹2,42,670 per kilogram.
The retail market saw gold being traded mainly in two purities: 24-karat and 22-karat. While 24-karat gold is considered the purest form of the precious metal, 22-karat gold is widely preferred for jewelry due to its greater strength and durability. Market participants are keeping an eye on global economic data, US interest rate expectations, and currency movements for further direction in precious metal prices.