Gold Prices in India Surge to New Highs Amid Global Market Volatility
Gold prices in India rose on August 5, tracking firm global bullion prices. According to GoodReturns, 24-carat gold was priced at Rs 14,575 per gram, while 22-carat gold stood at Rs 13,360 per gram and 18-carat gold at Rs 10,931 per gram.
Retail gold prices increased by Rs 175 per gram for 24K, Rs 160 for 22K, and Rs 131 for 18K compared to the previous day. Silver also witnessed a strong rise, with prices increasing by Rs 5 per gram and Rs 5,000 per kg from Tuesday's levels.
The sharp jump in silver prices was the biggest movement in the domestic precious metals market today. The October 2026 gold futures contract on the Multi Commodity Exchange (MCX) was trading at Rs 1,45,359 per 10 grams, up Rs 1,060 or 0.73%.
The rally in gold is being attributed to a weaker performance of the US dollar and a fall in oil prices, which would mean that there are lesser chances of rising inflation, helping influence expectations regarding US interest rates.