Gold rates in India have continued on their gaining spree for the past four consecutive days. However, on August 6th, the RBI policy decisions will play a major role in driving sentiment in precious metals. Gold prices across carats are at their all-time highs. 24 carats of 100 grams of gold zoomed by a whopping Rs 24,000 and 10 grams of gold surged by Rs 2,400 from August 2 to 5. While MCX holds above the Rs 1,01,000 mark, but it traded down ahead of RBI's policy.
24-carat gold in 100 grams soared by a whopping Rs 8,200 on August 5, while 10 grams of gold was up by Rs 820. Furthermore, the prices of 100 grams and 10 grams advanced by Rs 500 and Rs 50 on August 4. The prices were unchanged on August 3. While gold recorded its biggest single-day upside of the month on August 2nd, with 100 grams and 10 grams gold rates climbed by Rs 15,300 and Rs 1,530.
From August 2-5, 100 grams and 10 grams gold price rose by Rs 24,000 and Rs 2,400 in 24 carats.
Currently, 24 carat is at Rs 1,02,330 in 10 grams, while 22 carat gold price is at Rs 93,700. The prices are at their all-time highs.
What Is Impacting Gold Prices?
As per Rahul Kalantri, VP Commodities, Mehta Equities, gold and silver extended their gains as investors sought safe-haven assets amid renewed U.S. trade tariff uncertainty and a decline in equity markets. The U.S. President's renewed warning to India over Russian oil imports added to geopolitical tensions, boosting bullion demand. Mixed U.S. economic data and a retreat in the dollar index further supported gold and silver prices.
MCX Gold Price, Silver Price:
The start of Wednesday's trading session is bearish for MCX gold. The bullion with October 2025 expiry, dropped by Rs 222 to trade at Rs 1,01,116 per 10 grams. The prices ranged from Rs 1,01,062 to Rs 1,01,329 per 10 grams. This is also near its record high of Rs 1,01,579 per 10 grams.
Similarly, MCX silver price with September 2025 expiry, dropped by Rs 188 to Rs 1,13,316 per 1kg. Silver's record high is of Rs 1,16,641 per 1kg.
What To Expect In Precious Metals On August 6 and ahead?
In Kalantri's view, gold has support at $3360-3340 while resistance at $3398-3415. Silver has support at $37.55-37.35 while resistance is at $38.10-38.30. In INR gold has support at Rs1,00,650-99,950 while resistance at Rs1.01,750-1,01,980. Silver has support at Rs 1,12,680-1,11,850 while resistance at Rs 1,14,000-1,14,700.
Further, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, market participants are watching Manufacturing PMI numbers, but the primary focus remains on trade tariff developments, with the U.S. looking to recalibrate tariffs in its favor. Despite the short-term dip, gold continues to price in the broader impact of trade tariff uncertainty and dollar weakness, keeping the overall trend supported. Gold is expected to trade in a volatile range of Rs 99,000-Rs 1,01,500."
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.
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