Gold Rate In India Today Continues 6-Day Losing Streak; Check 24K, 22K, 18K Gold & Silver Price On Aug 16

Gold prices in India continued their fall on the weekend as well, slipping for the sixth consecutive session as the festive season is slowly approaching. The week began on a bearish note, with gold rates in India slipping from record-high levels.

In just six trading sessions, gold has seen a steep fall of nearly Rs. 19,500 per 100 grams of 24-carat, translating into a sharp 2% decline. The price of 24K gold has now slipped below the Rs. 1,02,000 per 10-gram mark. On the global front, spot gold dropped under the crucial $3,400 per ounce level as better inflation data indicates that the Fed might cut rates going forward.

Gold Rate in India Today

As of August 16th, Saturday, 24-carat gold rates in India fell Rs. 60 per 10 grams to cost Rs. 1,01,180. While the 22-carat gold price in India slipped by Rs. 50 per 10 grams, it costs Rs. 92,750. Similarly, the smaller 18-carat gold rates declined by Rs. 40 to retail at Rs. 75,890 per 10 grams.

And just like that, 100 grams of 24-carat gold now retail at Rs 10,11,800, and the 22-carat gold rates per 100 grams now cost Rs 9,27,500.

Silver prices in India today

Silver rates in India today jumped for the third consecutive time. On the 16th of August. 1 kg of silver in India costs Rs. 116,200. While 100 g of silver rates in India retail at Rs 16,200.

City-Wise Gold Rates: Latest 22-Carat & 24-Carat Prices Across India

The latest gold prices for 22-carat and 24-carat gold in major Indian cities are similar to national gold prices today.

Gold Price in Chennai

Gold Price in Bangalore

Gold Price in Hyderabad

Gold Price in Mumbai

MCX Gold and Silver Prices

The multi-commodity exchange closed in a mixed way on Friday. Gold futures, which are going to mature on October 5th, settled flat at 100,189.00. While silver futures prices set to mature on September 5th closed in red at 114,524.00, slipping by 0.40%.

Spot Gold Price and Spot Silver Rate

"Spot gold prices traded higher on US interest rate cut optimism. Bullion got support from a weaker dollar and a retreat in the U.S. Treasury yields. Silver prices gained for the second day in a row and rallied above the $38.50 per ounce mark amid strong demand from China and a weak dollar. Spot Gold is likely to rise towards $3400 on growing optimism over a 50 bps rate cut in September."ICICI Direct Daily Commodity Outlook, it said.

"Spot gold was little changed at $3,336.66 per ounce by 1:40 p.m. EDT (1740 GMT) and was down 1.8% for the week. U.S. gold futures settled almost flat at $3,382.6. Spot silver fell 0.1% to $37.96 per ounce and was down 1% for the week." According to the latest report from Reuters.

Gold Prices Target and Outlook This Week

"Gold and silver prices are trading slightly higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly higher for the day, as gold prices rose for a third day as bets on Federal Reserve interest-rate cuts increased after Treasury Secretary Scott Bessent urged the US central bank to lower borrowing costs." According to Nirmal Bang Securities.

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