Gold Prices Surge Ahead of Raksha Bandhan
Gold prices in India have continued to rise ahead of Raksha Bandhan, a festival celebrated by Hindus across the country. This week, gold recorded a strong weekly gain across the nation, with the price of 24-carat gold increasing by ₹3,490. According to Goodreturns, on August 16, 24-carat gold was priced at ₹1,55,280 per 10 grams in Delhi and ₹1,55,130 per 10 grams in Mumbai.
The recent surge in gold prices can be attributed to several factors, including easing tensions in the Middle East, a weaker US Dollar Index, and expectations surrounding the US Federal Reserve's monetary policy. These global trends have bolstered demand for precious metals, leading to an increase in prices.
Silver prices have also risen across major cities, with a uniform price of ₹2,50,000 per kilogram observed in various regions. The rally in precious metal prices is expected to continue, driven by ongoing fluctuations in international markets and growing investor interest.