India's Gold and Silver Soar on US Rate Hike Speculation

India's gold and silver markets experienced a significant surge in August 2026, following months of declining prices. The MCX saw gold jump by 7.75% to ₹154,456 per 10gm, while silver climbed 8.46% to ₹240,250 per kilogram.

The rally was largely driven by the discussion of a US Federal Reserve rate hike and a weaker US dollar. This trend wasn't limited to India, as global prices also rose: Comex gold increased nearly 10%, with silver soaring over 16%.

Both metals broke key resistance levels, indicating potential for further short-term gains. Analysts predict that if support holds at ₹148,000 for gold and ₹225,000 for silver, we could see gold targeting ₹168,000 and silver aiming towards ₹259,000 soon.