Indian Gold Prices Soar to New Records as Silver Falls
Gold prices surged to new record highs across India on August 13, while silver saw a sharp decline. The yellow metal's rally was driven by strong global cues and rising domestic demand, according to market experts.
The spot gold price climbed to $4,412.63 per ounce in the international market, providing support for gold prices in India. Market trends showed that falling US bond yields, stable dollar movement, and global uncertainty have all contributed to the upward movement of gold.
In major Indian cities, 24-carat and 22-carat gold prices saw gains, with Delhi recording ₹1,55,020 per 10 grams for 24-carat gold and ₹1,42,110 per 10 grams for 22-carat gold. Mumbai and Kolkata also saw significant increases in gold prices.
However, silver prices declined to ₹2,54,900 per kilogram in the domestic market, with spot silver falling to $66.23 per ounce internationally. The contrasting movement between gold and silver highlights changing investor preferences amid shifting global economic conditions.