Gold Rate in India Today, Aug 21: Big Jump in 22K, 24K, 18K Gold Prices After Huge Drop; Silver Up Too

Gold rates in India today recovered after a continuous decline over the past few days. Prices of 24K, 22K, and 18K gold jumped, rebounding from a sharp fall of more than 3% in August. Despite a bearish trend through most of the month, analysts believe the upcoming festive season, including Ganesh Chaturthi, Navratri, Dhanteras, and Diwali, is likely to inject fresh momentum into the market with a fresh wave of buying.

While domestic factors are influencing gold prices in India, global cues remain equally important. Internationally, spot gold slipped below $3,400 per ounce as investors turned cautious ahead of the U.S. Federal Reserve's outlook on the economy. The Fed's stance is expected to set the tone for the direction of the gold price in the coming weeks.

Gold Rate In India Today, Aug 21

The 24-carat gold rates in India jumped by Rs. 600 per 10 grams to cost Rs. 1,00,750. While the 22-carat gold price stands at Rs. 92,300 per 10 grams after a rise of Rs. 500, the cheaper variant, 18-carat gold, spiked by Rs. 410 to retail at Rs. 75,520 per 10 grams.

The bigger weight variant of gold also saw the same spike. 100 grams of 24-carat gold rates now retail at Rs. 10, 07,500 and the 22-carat gold rates per 100 grams now cost Rs. 9,23,000.

Silver prices in India today

Silver rates in India today also jumped after falling by 2000 per kg in the last two days. Currently, 1 kg of silver in India costs Rs. 1,16,000 after rising by Rs. 1000. While 100 g of silver rates in India retail at Rs. 11,600, which jumped by Rs. 100.

Gold Prices Target and Outlook This Week

"Gold prices were pressured in the first half of yesterday's session but changed their course in the second as President Trump's comments regarding firing Fed Governor Cook increased uncertainty and expectations for a rate cut. The dollar index was stable around 98, while USDINR inched slightly, recovering from the fall it witnessed earlier."

"Minutes of the July Fed meeting show that many Fed officials believe the full effect of tariffs could take some time. Hence, many believed that inflation risk could outweigh employment risk. Focus now shifts to Governor Powell's speech at the Jackson Hole symposium scheduled later this week.Focus today will be on US PMI numbers, jobless claims, the Philly Fed manufacturing index and a few housing numbers." said Manav Modi, Analyst, Precious Metal Research, Motilal Oswal Financial Services Ltd.

According to a commodity technical report by Nirmal Bang Securities, "Gold prices are expected to pull back. One can buy at 99000 with a stop loss of 98700 for the target at 99400-99800. Traders can also sell from 100000, maintaining a stop loss of 100300."

Latest 22-Carat & 24-Carat Gold Rates City-Wise

Below is a city-wise breakdown of the latest 22-carat gold price and 24-carat gold price in major Indian cities on Aug 21.

Gold Price in Chennai

Gold Price in Bengaluru

Gold Rate in Hyderabad

Gold Price in Mumbai

Spot Gold Price and Spot Silver Rate

As per Reuters' later report, "Spot gold was down 0.2% at $3,339.97 per ounce as of 0358 GMT. U.S. gold futures for December delivery also lost 0.2% to $3,382.40. Spot silver was down 0.1% to $37.85 per ounce."

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