Gold Rate Today, August 23: 24K, 22K, 18K Prices Pause After Rs. 8120 Surge In Bengaluru, Chennai & Hyderabad

After a stunning three day rally, gold prices have paused for a breather on sunday. Gold prices today made no major movement after a back to back surge brought the rate near record levels.

This week has been exceptionally bullish for the bullion market, as the gold rate in India surged multiple times. The continuous rise in the gold rate in India has made it challenging for traditional buyers, especially during the upcoming wedding season in India.

The 24-carat gold price in India is currently above Rs. 1,63,000 per 10 grams in the domestic market. While the 22-carat gold rate hovered near Rs. 1, 49,500 per 10 grams.

Spot gold prices closed 2% higher on Friday as the dollar slipped by 0.06%, increasing the attractiveness of gold as an alternative investment.

Gold Prices in Bangalore Today

On August 23rd, the 22-carat gold rate in India steadied at yesterday's rate to cost Rs.1,49,500 per 10 grams. Meanwhile, the 24-carat gold prices today are at Rs.1,62,090 per 10 grams. Similarly, the 18-carat gold rate today retails at Rs. 1,22,320 per 10 grams.

In a similar line, the 100 grams of 22-carat gold stand at Rs. 14,95,000. The 24-carat gold price in India per 100 grams is now retailing at Rs. 16,20,900.

Gold Rate Today In Chennai

Even in Chennai the 22-carat gold rate today in Chennai was available at Rs. 1,49,500 per 10 grams and 24-karat gold rate was Rs.1,62,090 per 10 gram. The 18 karat gold rate is now available at Rs. 1,22,320 per 10 grams.

Gold Rate Today In Hyderabad

The 22 karat gold rate in Hyderabad is at Rs. 1,49,500 per 10 gram and the 24 karat gold rate today is at Rs. 1,62,090 per 10 gram.

MCX Gold and Silver Futures Update

Gold futures prices on the Multi Commodity Exchange (MCX), expected to mature on October 5th , closed 0.73% higher at Rs.1,54,590. Similarly, silver futures, with an expiry date of September 4th, jumped by 0.15% to settle at Rs.

Silver Price Movement in India

Silver prices in India on Sunday, August 23rd have shown no major movements, so 1kg of silver in India costs Rs. 2,70,000. While 100g of silver rates in India cost Rs. 27,000 per 10 grams.

Market Outlook for Gold Prices

As per ICICI Commodity Outlook, "Spot Gold is expected to find support near $4480 and rise towards $4600 level on soft dollar and safe haven buying. Further, prices may find support as U.S. Treasury Secretary Scott Bessent said he may further increase the governments repurchases of Treasuries. As per CME Fedwatch Tool, traders are pricing in a 64% chance that Fed will keep interest rates unchanged and a 36% chance of a rate hike in September. Meanwhile, sharp upside may be limited as surge in crude oil prices has raised inflation concerns and may add pressure on Fed to tighten monetary policy."