India's Gold Prices Plummet Over 0.8% as Silver Faces Selling Pressure

India's gold and silver prices saw a mixed trend on August 15. According to Business Today, the September MCX gold futures fell by over 0.8%, reaching an intraday low of Rs 45,823 per 10 grams. The contract was last quoted at Rs 46,047, lower by Rs 382 or around 0.83%.

In contrast, the retail gold prices remained high despite this weakness in MCX futures. Prices vary across cities depending on local taxes, demand, logistics, and other market factors. For instance, in Chennai, the price of 24K gold was Rs 15,316 per gram, while in Delhi it was Rs 15,303 per gram.

The silver prices also faced selling pressure, with September silver futures falling to an intraday low of Rs 2,32,454, down Rs 2,993 or 1.27%. However, unlike gold, the retail silver prices are influenced not only by investment demand but also by industrial and manufacturing consumption.

The global precious-metal markets can be triggered by geopolitical developments, which in turn affects the domestic market. Investors and jewellery buyers should track international prices, currency movements, and local premiums alongside MCX rates before making fresh purchases.