India's Gold Prices Skyrocket on August 7 Amid Global Market Shifts
Gold prices in India saw a significant increase on August 7, with various purity rates rising across major cities. According to recent data, 24K gold prices jumped by ₹398 per gram, while 22K and 18K gold prices climbed by ₹365 and ₹299 respectively. The price of 24-carat gold reached ₹14,974 per gram, 22-carat gold stood at ₹13,726 per gram, and 18-carat gold was priced at ₹11,231 per gram.
The city-wise gold rates varied slightly, with Chennai recording the highest prices for all three purity levels. Inflation can influence gold prices, but global interest rate trends have a stronger impact on international gold prices. The US Federal Reserve's decision to increase interest rates when inflation rises in the US makes interest-bearing assets more attractive than gold, causing investors to shift away from it and putting downward pressure on its prices.