Gold Stays Steady as Safe-Haven Demand Drives Third Straight Weekly Gain
Gold prices remained relatively stable across major Indian cities on August 21, despite a marginal decline in Friday's session. The precious metal is still on track to post its third consecutive weekly gain, supported by a weaker US dollar and heightened demand for safe-haven assets.
As of 6:00 am, spot gold was down 0.1 per cent at USD 4,514.42 per ounce. However, this slight dip is not enough to deter investors from buying gold as it remains up around 3 per cent for the week so far.
The domestic market saw gold trading 0.60 per cent higher at Rs 1,60,388 per 10 grams on the MCX, while silver was trading 1.18 per cent higher at Rs 2,46,113 per kg. City-wise prices also showed minimal fluctuations with 24-carat gold priced between Rs 1,59,310 and Rs 1,60,050 per 10 grams across various cities.
The India Bullion and Jewellers Association (IBJA) sets the daily 'base price' of gold in India, which serves as the national benchmark for bullion rates. This reference price helps ensure consistency across the country.