Gold Prices Soar Rs 300 as Retail Buying Boosts Domestic Demand

Gold prices surged by Rs 300 to reach Rs 1,48,300 per 10 grams in the national capital on August 1, driven by buying from retailers and jewellers. The rise in gold prices comes despite a weak global market, where spot gold slipped $48.28, or 1.18%, to $4,055.56 per ounce.

The yellow metal of 99.9% purity continued its upward trend due to continuous purchases by domestic buyers. In contrast, silver remained flat at Rs 2,24,700 per kilogram, inclusive of all taxes.

Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that spot gold eased back from Thursday's highs, slipping below $4,060 per ounce as the dollar regained ground. The rebound in crude oil prices also contributed to a decrease in investors' appetite for precious metals.