Indian Gold Prices Rise Amid Steady Overseas Rates
Gold prices in India continued their upward trend on August 1, buoyed by steady overseas bullion rates and demand for safe-haven assets. Retail gold rates saw a slight increase in most major cities and regions.
The domestic market saw gold futures (August) open at Rs 1,43,575 per 10 grams, surpassing the previous close of Rs 1,43,106, according to news agency IANS. At around 12:10 pm, gold was trading at Rs 1,44,173 per 10 grams, up Rs 1,067 or 0.75 per cent.
Silver futures (September) also traded higher, with the white metal rising as much as 1.26 per cent to touch an intraday high of Rs 2,24,955 per kg. The prices for gold and silver are expected to be influenced by global economic signals and central bank policy hints in the coming weeks.
Financial experts suggest that gold remains a viable long-term option primarily for portfolio diversification and as a safeguard against inflation. However, buyers planning to purchase jewellery should compare prices between jewellers due to varying making charges and local taxes.