Indian Gold and Silver Prices Hold Steady Amid Global Market Volatility
Gold and silver prices in India remained relatively stable on August 16, despite weakness in international bullion markets. On the Multi Commodity Exchange (MCX), gold futures rose by 0.60% to ₹1.45 lakh per 10 grams, while silver futures increased by around 0.99% to ₹2.23 lakh per kilogram.
The retail market prices of gold were largely unchanged, with Joyalukkas and Malabar Gold & Diamonds both quoting ₹13,220 per gram across major Indian states. Tanishq's 22K gold rate stood at ₹13,265 per gram, while its corresponding 24-carat gold rate was ₹14,460 per gram.
Market participants are keeping a close eye on global economic data, US interest rate expectations, and currency movements for further direction in precious metal prices. According to Vandana Bharti of SMC Global, gold may rally to ₹1.48 lakh in 1-2 weeks despite correction.