Huge Jump In Today's Gold Rate In India; 24K Gold Surges by Rs 15,000 per 100g; Silver Prices Remains Stable

Gold prices in India rose significantly today after falling for the past two days. In fact, the increase in price today was more than twice the amount they had fallen over the last two days. Because of today's big jump in gold prices in India, the price of gold crossed Rs 1 lakh again, a level it had dropped below due to yesterday's fall. July 31 was the last time when gold Prices were over Rs 1 lakh. However, it has been fluctuating since then. The Price of 24 karat gold per 10 grams is now available at Rs 1,01,350 after today's rise of Rs 1,530.

Gold rates surged today as the latest US jobs report added to evidence of a cooling labor market and strengthened expectations of a Federal Reserve rate cut in September. The US economy added just 73,000 jobs in July, falling short of the 100,000 projections, while May and June's job numbers were also revised sharply lower. The report came on the heels of stronger-than-expected PCE inflation data released Thursday, which underscored lingering price pressures.

The international gold rate on Friday increased by around 76.56 points to $3,362 per ounce amid escalating global trade tensions. The international gold rates are likely to see any major movement during the week, according to Trading Economics.

Gold Price Today In India, August 2

The price of 24-carat gold in India increased by Rs 1,530 per 10 grams to Rs 1,01,350. Similarly, the price of 22-carat gold moved up by Rs 1,400 to Rs 92,900 per 10 grams. The 18-carat gold rate also rose by Rs 1,140, now at Rs 76,010 per 10 grams as of Saturday.

The 1-gram variant of 24-carat and 22-carat gold increased by Rs 153 and Rs 140 to cost it at Rs 10,135 and Rs 9,290, while the 1 gram of 18-carat gold moved up by Rs 114 to cost at Rs 7,601.

Meanwhile, the price of 100 grams of 22-carat gold is now Rs 9,29,000 after rising by Rs 14,000. For 24-carat gold, 100 grams now costs Rs 10,13,500, up by Rs 15,300. Also, the 18-carat gold in 100 grams is now available at Rs 7,60,100 up by Rs 11,400.

Silver Rate in India Today, August 2

Silver prices in India stayed steady after falling for two straight days. As of today, August 2, the price of silver is at Rs 113 per gram and Rs 1,13,000 per kilogram. Although silver has seen a decline in rates over the last few days, it still remains near record-high levels. This is largely due to a rise in industrial demand, which has helped keep the white metal's value elevated despite recent price drops.

Gold and Silver Futures Prices on MCX

On the MCX, gold futures with 3 October 2025 expiry closed at Rs 99,735 per 10 grams, with a marginal fall of Rs 19 after touching an intraday high of Rs 99,975 on August 1.

However, Silver futures expiring on September 5, 2025 rose marginally by 2 points on Friday, August 1 and closed at Rs 1,10,224.

Market Outlook for Gold Prices

"Gold rose around 2% during the week as weaker-than-expected U.S. nonfarm payroll data and a rising unemployment rate to 4.2% bolstered expectations of a Federal Reserve rate cut in September, lifting safe-haven demand.

Total global gold demand rose 3% YoY to 1,248.8 metric tons in Q2 2025, driven by a 78% surge in investment demand. Gold bar demand increased 21%, while coin demand slumped. Jewellery demand fell 14% to 341 tons, its lowest since Q3 2020. The surge offset weak jewellery and central bank demand, reinforcing gold's role as a safe-haven hedge despite high prices and policy ambiguity," said Ajay Kedia, Director of Kedia Advisory.

"Next week, investor attention will remain focused on President Trump's trade war, following the announcement of sweeping tariffs on August 1st. Globally, monetary policy decisions are expected from the BoE and the RBI.

Other key data include trade and inflation for China; retail sales and producer prices for the Eurozone; factory orders, industrial production, and trade figures for Germany. MCX Gold October may stay in a range from Rs. 99,200/10g to Rs. 100,500/oz. The outlook is positive for the week," said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

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