Gold Rate In India Today, August 9: Record Rally Pauses On Sunday After A Rs. 76500/100g Surge

After four consecutive days of sharp rally, gold prices in India stayed unchanged on Sunday. The 24-karat gold rate and 22-karat gold rate recorded a massive surge and touched their highest levels in nearly two months.

Demand for gold in the domestic market had surged in recent weeks; hence, the yellow metal surged towards record-high prices. However, gold rates are expected to surge even more due to a revival in demand ahead of the upcoming festive and wedding seasons.

In the international market, Gold broke above $4,200 as easing Middle East tensions pulled inflation expectations lower, with traders pricing a 55% chance of a September Fed move (down from 63%). Trump signalled the Iran conflict may end soon but noted weapons supply shortages. $4,000 remains solid support, with dip-buyers positioning for a move toward $4,600," said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of IBJA and Chairman at Jain International Trade Organisation.

"Technically, gold's breakout above Rs. 1,46,000 opens a path to Rs. 1,55,000. While silver clearing Rs. 2,30,000 could extend gains toward $70-71 (about Rs. 2,50,000 to 2,55,000). Overall bias remains constructive for both metals near-term," he further noted.

Gold Rate in India Today

Since there is no movement in gold prices on August 9th, 22-carat gold rates in India are currently steady at Rs.1,39,650 per 10 grams, while the 24-carat gold rates are at Rs.1,52,350 per 10 grams. Just like that, 18-carat gold rates in India were stable at Rs. 1,14,260 per 10 grams.

Similarly, 100 grams of 24-carat gold are now priced at Rs 15,23,500, while 22-carat gold today costs Rs 13,96,500

Silver Rate in India Today

The silver rate in India today also observed no rise or fall and stayed steady at yesterday's performance. Currently, 1 kg of silver costs Rs 2,45,000, while 100g costs Rs 24,500.

MCX Gold Futures and Silver Futures Prices

Gold futures at the Multi-Commodity Exchange closed the week with gains. Gold futures, which are expected to mature on October 5th, currently ended Friday's session at Rs. 1,51,985, gaining 0.11% per 10 grams. Similarly, silver futures slated to mature on September 4th gained 0.15% to trade at Rs 2,31,804.

Spot Gold Prices + Spot Silver Price Today

According to Trading Economics, "Spot gold prices rose to above $4,350 per ounce on Friday, the highest in two months as lower energy prices and softening labor conditions limited expectations that the Federal Reserve would deliver a rate hike this year. The US economy unexpectedly shed jobs in July while wages and the labor force participation rate fell, erasing any views that the strong labor market was inflationary."