Gold Rises to ₹1.63 Lakh, Experts Predict ₹1.70 Lakh Target by Year-End
Gold prices in India surged to ₹1.63 lakh per 10 grams on August 24, marking a new high this month. According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold increased by ₹1,983.
The rally is not limited to gold; silver prices also saw a marginal decline, easing by ₹297 to trade at ₹2.46 lakh per kilogram. This month has been incredibly rewarding for precious metals, with gold prices shooting up by ₹20,000 and silver becoming ₹28,000 more expensive in just the first 24 days of August.
Despite daily fluctuations, the overall trend remains strongly positive, with precious metals experiencing massive volatility this year but still showing a net gain. So far in 2026, gold has grown ₹30,000 more expensive.
Market experts believe the rally is far from over and predict that by December 2026, gold could hit ₹1.70 lakh, while silver could touch ₹3 lakh. Anindya Banerjee, Senior VP & Head of Commodity Research at Kotak Securities, points out that strong institutional and retail demand is supporting this price surge.
Gold has the backing of retail investors as well as global central banks, including the Reserve Bank of India (RBI), which are continuously buying gold to secure their reserves. Banerjee added that gold will likely continue to rise even if global economic conditions remain challenging, and silver could see a massive catch-up rally if global industrial demand improves.