Gold Prices in India Rise, Silver Also Edges Higher Amid Strong Momentum

On August 18th, gold prices in India continued their upward trend, reaching ₹1.56 lakh per 10 grams for 24-carat gold. Silver also increased, trading at ₹2.50 lakh per kilogram.

The rise in gold prices is a continuation of the previous week's momentum, with 24K gold advancing by ₹3,490 per 10 grams and 22K gold gaining ₹3,200. Despite this increase, Motilal Oswal Financial Services (MOFSL) predicts that gold prices could witness a short-term correction of 6-8%.

However, MOFSL remains optimistic about the long-term outlook, projecting gold prices to reach around $5,500 per ounce over the next 12-15 months. The brokerage recommends investors to accumulate gold gradually through staggered purchases rather than investing a lump sum, while maintaining a long-term investment horizon.