Gold Prices Volatile on August 8 Amid Global Market Stress

Gold and silver prices were volatile on August 8 as investors tracked global risk sentiment, US bond yields, and currency movements. The Multi Commodity Exchange saw gold futures for October 5 open higher, while silver futures for September 4 experienced early buying before slipping from the day's high.

Retail gold rates remained elevated across major Indian cities, with New Delhi quoting the highest listed 24-carat rate at Rs 15,005 per gram. The 22-carat rate in these markets was Rs 13,741 per gram, while 18-carat gold was listed at Rs 11,243 per gram.

The COMEX gold contract was quoted 0.36% higher at $4,320 per ounce, and the COMEX silver contract traded at $62.36 per ounce, up 0.12%. Global bullion prices can influence domestic futures, although Indian rates also reflect rupee movement, import costs, and local levies.

Gold typically gains when investors seek safety during periods of uncertainty, and lower US Treasury yields can support bullion because gold does not pay interest. Currency movements are another important factor for Indian buyers, as gold is priced globally in US dollars.