Gold Rate In India Outlook: Will Gold Prices Rise Or Fall From Aug 25-30? Check Gold Performance For 10 Days

Gold rates in India witnessed a volatile last week, owing to the Jackson Hole meeting, major economic data, and continued geopolitical tensions. At MCX, gold ended the trading week from August 18 to August 22 on a lower note, followed by silver prices. Notably, gold is still lower from its record high performance that was recorded in the first week of August. At retail stores, 24 carat gold price is floating between Rs 1,01,000 to Rs 1,02,000 per 10 grams level.

A cautious tone is expected in the week ahead. MCX gold price could range between Rs 96,000 to Rs 1,02,000 per 10 grams, while silver prices could perform between Rs 1,09,000 to Rs 1,16,000 per 1kg. However, demand for precious metals could spur due to the long festivals like Ganesh Chaturthi and Onam.

Gold Rates In India:

Currently, 10 grams gold price in 24 carat is at Rs 1,01,620, at Rs 93,150 in 22 carat, and at Rs 76,210 in 18 carat. The cheapest gold price is at Rs 10,162 per gram for 24 karat gold, Rs 9,315 per gram for 22 karat gold and Rs 7,621 per gram for 18 karat gold (also called 999 gold).

Overall, gold prices are up by 2% across carats.

Gold Rates In India Performance In 10 Days:

In the past 10 days, the highest single-day gain in 24 carat of 10 grams was seen on August 23, to the tune of Rs 1,090 to Rs 1,01,620. The price was unchanged on August 24.

Meanwhile, 10 grams gold price was down by Rs 220 on August 22, but up by Rs 600 on August 21. Prior to this, gold prices either fell or were unchanged. 24 carat of 10 grams gold was down by Rs 600 on August 20, followed by a drop of Rs 430 o August 19. Gold saw no change in prices on August 18 and August 17.

Additionally, gold was down by Rs 60 on August 16 and further down by Rs 110 on August 15.

Explaining the performance of last few days, SMC Global Securities report said, the U.S. Dollar Index regained ground on expectations of a modest 25 basis point rate cut in September, while U.S. Treasury yields held steady. Crude oil prices were range-bound due to conflicting market signals. Crude oil is likely to stay in a range 5450-5700. Natural gas futures dropped for the fifth straight week, driven by a decline in TTF futures despite cold weather. Gold fell for the second consecutive week, with silver following suit.

Gold Prices In Your City:

Gold Rates In Chennai:

Gold Rates In Bangalore:

Gold Rates In Mumbai:

Gold Rates In Delhi:

Silver Rates In India:

Silver rates are at Rs 1,20,000 per 1kg in India, followed by Rs 12,000 and Rs 1,200 in 100 grams and 10 grams respectively. The cheapest silver is priced at Rs 120.

Silver outperforms gold with upside of 6.2% in August so far.

MCX Gold Price + MCX Silver Price

Last week, on August 21, MCX gold price stood at Rs 1,00,391 per 10 grams, up by a whopping Rs 956 or 0.96%. One of the reason for the strong single-day surge is because of US Federal Reserve's chair Jerome Powell signalling about the possibility of a rate cut soon. However, on a weekly performance, gold was down.

MCX silver price was mildly down to Rs 1,16,234 per 1kg on August 21.

Gold & Silver Prices Outlook For August 25 To August 30:

According to SMC's note, bullion prices remained range-bound, with both gold and silver sliding over 0.5% as traders stayed cautious ahead of Fed ChairJerome Powell's remarks atJackson Hole. Investors expect his speech to provide fresh cues on the U.S. policy outlook, especially after Fed officials offered little support for a September rate cut. While markets still price in about a 75% chance of a quarter-point easing next month, the latest Fed minutes revealed concerns over sticky inflation and a cooling labor market, with most policymakers signaling it is too soon to pivot.

Furthermore, SMC's note added, geopolitical risks also weighed on sentiment. Hopes for progress on a Russia-Ukraine peace deal faded as Moscow launched its largest drone and missile attack in over a month, while accusing Kyiv of rejecting a "lasting and fair settlement."Meanwhile, U.S. President Donald Trump stepped up pressure on the Fed, calling for Governor Lisa Cook's resignation over mortgage-related allegations.

With Powell's term set to expire in May, SMC's note said, "uncertainty over Fed leadership and policy direction has added another layer of volatility for markets. The U.S. dollar index surged nearly 1% as trader's reassessed expectations. A softer July jobs report, along with significant downward revisions to hiring in May and June, initially fuelled hopes for aggressive rate cuts, with some even betting on a jumbo move in September. However, officials remain cautious, balancing inflation risks against signs of labour market weakness."

On the technical front, for the week ahead, the brokerage believes that COMEX gold is correcting and may find support near $3,280, with resistance expected around $3,420. Silver is likely to consolidate between $36.20 and $38.90. In the domestic market, gold is expected to trade in a broad range of 96,700-1,02,000, while silver may fluctuate between 1,09,000-1,16,600.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.