Gold Rate In India Today, Aug 6: Record Rally Ahead of Raksha Bandhan; Check 24K, 22K, 18K Prices in Your City

Gold prices in India today jumped for the third time this week, as festive season demand provided support to the yellow metal. In the last week, gold rates in India have risen sharply, reaching a record high of 1,023,300 per 100 grams of 24-carat gold. The rise in demand for jewellery has pushed the gold rate in India toward an all-time high.

Globally, spot gold prices slipped slightly today as the US dollar gained 0.09%. Spot gold is currently trading above USD 3300 per ounce after hitting a two-week high.

Gold Rate in India Today

As of Wednesday, 6th August, the 24-carat gold rates in India jumped by Rs. 110 to cost Rs. 1,02,330 per 10 grams, while the 22-carat gold rates are at Rs. 93,800 per 10 grams, which increased by Rs. 100 per 10 grams. On a similar note, 18-carat gold rates in India are retailing at Rs. 76,750 per 10 grams after rising by Rs. 80.

Just like that, the 100 grams of 24-carat gold rates are currently retailing at Rs. 1,023,300, while the 22-carat gold rate today costs Rs 9,38,000.

Silver Rate in India Today

White metal prices in India today also jumped sharply for the second time this week. On August 6th, the price of 1 kg of silver in India is Rs. 116,000, while 100 g costs Rs. 11,600.

Gold Price / Silver Price Outlook Ahead

Gold prices are expected to witness profit booking. One can sell at 101300 with a stop loss of 101700 for the target at 100800-100500. Meanwhile, "Silver prices are expected to witness profit booking. One can sell at 113500 with a stop loss of 111500 for the target 112000-111000", as per Nirmal Bang Securities.

"Gold maintains its status as a safe-haven asset in the wake of global economic uncertainty, geopolitical tensions, and changing interest rate expectations. At the prevailing price of Rs. 1,00,076 per 10 grams, the yellow metal is an expression of the risk-averse mood in the market. Investors are keeping a close eye on signs from the US Federal Reserve and international inflation figures, which are expected to shape additional action in gold prices. Domestic festive demand and expectations of the wedding season can also provide some support upwards in India." said Aksha Kamboj, VP, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

MCX Gold Futures and Silver Futures Prices

Gold futures at the Multi Commodity Exchange fell sharply on wednesday Gold futures, which are expected to mature on 3rd October, are currently at Rs 1,01,088 per 10 gram after rising 0.25% per 10 grams as of 11:00AM. Similarly, silver futures slated to mature on September 5th fell 0.06% to trade at Rs 1,13,431 per Kg

Spot Gold Prices + Spot Silver Price Today

According to a Reuters report, "Spot gold was down 0.1% at $3,376.01 per ounce, as of 0312 GMT, after hitting a near two-week high on Tuesday. U.S. gold futures fell 0.1% to $3,431.10. Spot silver was steady at $37.82 per ounce."

"Spot Gold is likely to hold support near $3330 and rise towards $3410 on growing bets of loose monetary policy from the US Fed. Recent economic numbers from the US raised concerns over a weaker labour market. Further, tariff concerns and weakness in the US economy would increase its investment outlook.." As per the ICICI Commodity Report.

City-Wise Gold Rates Today

Here's the latest city-wise update on 22-carat and 24-carat gold rates as of August 6th

Gold Rates in Chennai

Gold Rates in Bangalore

Gold Rates in Hyderabad

Gold Rates in Mumbai

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