Gold Rate in India Soar For 4th Day as Indo-Pak Tensions Escalate; 24K ,22K, 18K Gold Nears Record High, May 8

Gold prices in India today recorded a fourth consecutive rise, pushing the yellow metal closer to its record-high levels once again. After a brief period of correction last week, the gold rate in India rose repeatedly this week. The main reason behind this humgous rise is the escalating tensions between India and Pakistan.

The war like situations is pushing investors toward the safe haven asset. If the current Indo-Pak conflict situation persists, 24 carat gold prices per 10 grams in India could cross the Rs.1 lakh mark once again.

Additionally, the U.S. Federal Reserve's policy decision to keep interest rates unchanged, as announced in yesterday's FOMC meeting, has provided further support to international gold prices.

Gold Rate in India Today

As of May 8th, the pure gold, or the 24 carat gold, rate in India surged by Rs. 600 per 10 grams to cost Rs. 99,600 per 10 grams. While the standard gold or the 22carat gold prices today climbed by Rs. 550 and cost Rs. 91,300 per 10 grams. Similarly, the 18-carat gold rate today also spiked by Rs 450 per 10 grams to cost Rs 74,700.

Just like that, the 100 grams of 22-carat gold stand at Rs 9,13,000 after rising Rs 6000. While the 24-carat gold price in India per 100 grams is now retailing at Rs 9,960, which jumped by Rs 5,500.

Silver Rate in India Today

Silver prices in India have posted gains for two consecutive sessions this week. Today 1kg of silver in India costs Rs 99,100, which rose by Rs 100. While 100g of silver rates in India cost Rs 9,910 after jumping Rs 10.

Market Outlook for Gold Prices

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metal prices on Indian bourses to trade range-bound to slightly lower for the day, as gold prices climbed after tumbling on Wednesday as the Federal Reserve held interest rates, and Chair Jerome Powell said the central bank isn't in a rush to cut despite trade-war uncertainty." As per Nirmal Bang Securities.

On the technical front Nirmal Bang Report suggests, "Gold prices are expected to pull back. Traders can sell at Rs 97500 with a stop loss of Rs 97850 for the target at Rs 97000-96500. One can also sell from Rs.93200 with a stop loss of Rs.93550."

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures slated to mature on June 5, 2025, slipped slightly and are currently trading at Rs 96,900 after dropping 0.22%. Similarly, silver futures, which are set to mature on 4th July, increased today by 0.35% to trade at Rs 96,066 at the time of writing.

City-Wise Gold Rates Today

Gold rates in major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored this massive spike in the gold rates today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on May 8th.

Spot Gold Prices + Spot Silver Price Today

As per a latest report by Reuters, "Spot gold , which was already down more than 1% before the meeting, slipped further after Powell's comments. It was down 1.8% to $3,368.42 an ounce by 03:32 ET (19:32 GMT), while U.S. gold futures settled 0.9% lower at $3,391.9. Meanwhile, spot silver dropped 2.9% to USD 32.27.

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