Gold Rate In India Jumps On 26th Aug: 22 & 24K/100 Gms of Gold Gets Costlier By Over Rs 5,000; Details Here

Fed Chair Powell's dovish approach at Jackson Hole, which bolstered rate cut forecasts and geopolitical concerns from recurrent Russia-Ukraine attacks further strengthened safe-haven demand ahead of the holiday season, causing gold prices in India to soar sharply on Tuesday, August 26. While Powell's dovish Jackson Hole remarks reinforced predictions of a September rate drop, gold slipped to about $3,370 per ounce on the foreign market front as the dollar stabilized.

Gold & Silver Prices In India Today

The price of gold in India today is Rs 10,206 per gram for 24 karat gold, Rs 9,355 per gram for 22 karat gold and Rs 7,655 per gram for 18 karat gold (also called 999 gold). While the price of 24k of 10 grams of gold in India increased by Rs 550 to Rs 1,02,060 on Tuesday from Rs 1,01,510 on Monday, the price of 24k of 100 grams of gold in India climbed by Rs 5,500 overnight to Rs 10,20,600 from Rs 10,15,100 yesterday.

Today, the price of 22k of 10 grams of gold in India was Rs 93,550 on Tuesday, up Rs 500 from Rs 93,050 on Monday. Meanwhile, the price of 22k of 100 grams of gold in India was Rs 9,35,500 today, up Rs 5,000 overnight from Rs 9,30,500 yesterday.

While 18k of 100 gms of gold prices in India on Tuesday remained at Rs 7,65,500, which was Rs 7,61,400 on Monday, marking a price spike of Rs 4,100, 18k of 10 grams of gold reached Rs 76,550 today compared to Rs 76,140 yesterday, showing a price jump of Rs 410.

The price of silver in India today is Rs 120 per gram and Rs 1,20,000 per kilogram compared to Rs 121 and Rs 1,21,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold has seen a falling trendline breakout on the daily chart, hinting at a possible trend reversal. It continued its upward momentum in the last trading session, and we expect the uptrend to persist. Currently, support is placed at 100,200-100,000 and resistance at 101,200-101,400. Traders can buy MCX Gold near 100,200-100,000 for a target of 101,200-101,400. A sustained move below 99,130 will warrant a review of the current view," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade slightly higher for the day; as gold prices rose after US President Donald Trump moved to oust Federal Reserve Governor Lisa Cook with immediate effect, raising concerns about central bank independence and the prospect of strengthening haven demand," commented the research analysts of Nirmal Bang Securities.

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