Indian Gold Prices Steady on August 1, Silver Declines Slightly
Gold prices in India remained steady on August 1, with only a marginal increase in retail rates. The price of 24-carat gold was ₹14,461 per gram, while 22-carat gold stood at ₹13,256 per gram. The price of 18-carat gold was ₹10,846 per gram, all three categories gaining ₹1 per gram from the previous day.
Silver prices declined slightly to ₹234.90 per gram, or ₹2,34,900 per kilogram, lower by ₹100 per kg than the previous day. The decline in silver prices was not as significant as gold's steady rate.
The MCX futures market showed a slight increase in gold prices, with August gold trading at ₹1,41,599 per 10 grams, rising by ₹88 or 0.06%. However, September silver on the MCX saw a decline of ₹2,479 or 1.13%, indicating that investors are still cautious.
The Indian Bullion and Jewellers Association (IBJA) benchmark rates were lower than the retail price of gold jewellery. IBJA's PM rates for 24K (999 purity) gold were ₹1,43,384 per 10 grams, 22K (916 purity) gold at ₹1,31,340 per 10 grams, and 18K (750 purity) gold at ₹1,07,538 per 10MCX Gold and Silver Update.