Gold prices across India concluded the week on a robust note, propelling 24 Karat (24K) gold to a more than two-month high of Rs 15,513 per gram on Sunday. The precious metal registered a daily increase of Rs 71 per gram in the latest session, culminating in an overall cumulative gain of Rs 15,300 across the past two trading sessions. In contrast, silver prices in Delhi demonstrated complete stability, closing at Rs 250 per gram and Rs 2,50,000 per kilogram.
Detailed Price Breakdown Across Gold Karats
The domestic bullion market presented distinct pricing tiers depending on purity and transaction volume. For highest-purity 24 Karat gold, the single-gram price stood at Rs 15,513. Buyers acquiring an 8-gram sovereign unit faced a outlay of Rs 1,24,104, while the standard benchmark of 10 grams reached Rs 1,55,130. For institutional and bulk retail transactions, 100 grams of 24K gold was quoted at Rs 15,51,300.
Jewelry-grade 22 Karat (22K) gold also reflected the upward trajectory, anchoring at Rs 14,220 per gram. Correspondingly, 8 grams of 22K gold was priced at Rs 1,13,760, and a 10-gram allocation amounted to Rs 1,42,200. The 100-gram quantity for 22K gold settled at Rs 14,22,000.
For 18 Karat (18K) gold, commonly chosen for lightweight ornament fabrication, the rate was recorded at Rs 11,635 per gram. Consequently, 8 grams cost Rs 93,080, whereas 10 grams traded at Rs 1,16,350. At the 100-gram scale, 18K gold reached Rs 11,63,500.
Silver Rates Remain Flat for Consecutive Sessions
Diverging from gold's momentum, silver markets across India experienced quiet trading conditions, remaining completely unchanged for the second consecutive session. The baseline silver rate held steady at Rs 250 per gram without any intraday variance.
Evaluating silver by weight categories, 8 grams commanded Rs 2,000, exactly matching the previous day's assessment. Similarly, 10 grams of silver retained its prior valuation at Rs 2,50,000 for 1 kilogram (1,000 grams), maintaining full price stability across retail and commercial tiers.
Global Macro Drivers and Federal Reserve Outlook
The global rally in gold has been primarily underpinned by macroeconomic shifts in the United States. Weaker-than-anticipated July employment figures dampened market expectations regarding aggressive rate hikes by the Federal Reserve, boosting non-yielding bullion assets.
Market participants are now keenly monitoring upcoming macroeconomic releases for further monetary policy clarity. The US Consumer Price Index (CPI) report scheduled for Wednesday, followed by the Producer Price Index (PPI) on Thursday, will serve as crucial metrics determining the Federal Reserve's rate trajectory.
Technical Analysis and Expert Market Commentary
Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of IBJA, offered strategic technical insights into bullion dynamics. Analyzing recent economic prints, Prithviraj Kothari noted,
"July's flat U.S. PPI suggests inflationary pressure may persist."
Elaborating on market positioning, he highlighted that traders are currently pricing in merely a 35 percent probability of a September Federal Reserve rate cut, down from 55 percent recorded last week via the CME FedWatch Tool. From a technical perspective, gold holds critical key support at $4,300 (approximately Rs 1,52,000). A breach below this threshold could expose lower price channels at $4,200 and $4,160. Meanwhile, silver displays a double-top chart pattern near $66.30, presenting downside risk toward $61.60 should key support at $64 fail to hold.
