Gold rates in India halted their record rally during the weekend. While the 10-gram gold price across carats declined on Saturday, the prices were unchanged on August 10. During the trading week from August 11 to August 15, gold and silver prices are likely to be influenced by several factors.
These are trade tensions, central bank dovishness, and tightening of bullion supply.
Last week, gold prices experienced a back-to-back record rally, surging by over 3% across carats. However, when the weekend arrived with the bustle of Raksha Bandhan, gold prices at retail stores corrected.
Currently, the cheapest gold price is at Rs 10,303 per gram for 24 karat gold, at Rs 9,444 per gram for 22 karat gold and at Rs 7,727 per gram for 18 karat gold (also called 999 gold).
10 grams of gold price stood unchanged at Rs 1,03,o40 in 24 carat on August 10. This comes after the price dropped by Rs 270 on August 11. Before this, gold prices recorded a significant jump to hit new all-time highs.
On August 8, gold prices hit a new all-time high of Rs 1,03,310 per 10 grams in 24 carat and Rs 99,820 per 10 grams in 22 carat.
The gold rates are higher in Delhi compared to the above-mentioned metro cities. 10 grams gold is priced at Rs 1,03,190 in 24 carat, at Rs 94,600 in 22 carat and at Rs 77,400 in 18 carat.
Highlighting the surge in performance, SMC Global Securities note explained On the commodity market front, Global tariff tensions continued to put pressure on commodities, with the CRB index closing near 362. Despite this, gold prices reignited due to safe-haven buying as new tariffs were implemented and more were discussed. Gold hit a record high in the MCX, and silver prices also moved up after a three-week decline, closing above 114,000. Gold's appeal was boosted further as the U.S. imposed tariffs on one-kilo and 100-ounce gold bars, particularly from Switzerland-the world's largest gold refining hub.
MCX GOLD Futures + MCX Silver Futures Prices:
MCX gold price ended at Rs 1,01,498 per 10 grams last week on August 8th, up by Rs 30 after closing bell. However, during the trading session of August 8th, the bullion touched a new all-time high of Rs 1,02,250 per 10 grams before investors cashed certain gains.
Meanwhile, MCX silver price continued to be near its peak. After market hours of August 8th, MCX silver closed at Rs 1,14,710 per 1kg, up by Rs 424. The silver is near its historic high of Rs 1,16,641 per 1kg.
Gold And Silver Prices Outlook For August 11th to August 15th:
According to SMC's experts, bullion prices posted strong gains for the second straight week, with gold up over 2% and silver over 4%, driven by trade tensions and expectations of a more dovish U.S. monetary policy.
The brokerage highlighted that President Trump's sweeping tariffs of 10% to 50% took effect on dozens of countries, alongside a separate 100% tariff on imported semiconductors. While some exemptions apply to firms committing to U.S. production, the move has fueled market uncertainty. Minneapolis Fed President Kashkari signalled support for rate cuts amid signs of a slowing economy, as jobless claims exceeded forecasts and continuing claims hit a three-year high.
Also, the Bank Of England trimmed rates for the fifth time this year, further stoking global monetary easing expectations. Markets now see a 91-93% chance of a 25 bps Fed rate cut in September, according to CME FedWatch.
Furthermore, gold's appeal was driven by the U.S. imposed tariffs on one-kilo and 100-ounce gold bars, aiming to reduce reliance on imports, particularly from Switzerland-the world's largest gold refining hub. This move may tighten U.S. supply and support prices. Meanwhile, China extended its gold purchases for a ninth consecutive month in July, as per SMC.
Looking ahead, for the current week, SMC's note added, "On COMEX, gold briefly broke above its all-time high of $3,510 before pulling back. A sustained break above this level could target $3,580-$3,620, with support at $3,380. Silver is expected to trade between $36 and $41.50. In the domestic market, MCX gold may trade in the range of Rs 99,000-Rs 1,03,800 levels, while silver could move between Rs 1,09,000 and Rs 1,18,000 in the coming week. Overall, trade tensions, central bank dovishness, and tightening bullion supply are likely to keep precious metals well supported.
Spot Gold Price + Spot Silver Price
Gold prices dropped below $3,380 per ounce on Monday as easing geopolitical risks dented the metal's safe-haven appeal. While Silver slipped toward $38 per ounce on Monday, retracing part of last week's gains as investors took profits ahead of key US inflation data that could shape the Federal Reserve's policy path, as per Trading Economics.
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