Gold prices have paused for a breather on Sunday following an extraordinary three-day rally that kept the bullion market buzzing. After a back-to-back surge pushed rates near record highs, today's market saw no major movements. This exceptionally bullish week has driven up gold rates across India multiple times, presenting significant challenges for traditional buyers and families preparing for the upcoming wedding season.
In the domestic market, the price of 24-carat gold currently sits above Rs. 1,63,000 per 10 grams, while the 22-carat variant hovers near Rs. 1,49,500 per 10 grams. Globally, spot gold closed 2 percent higher on Friday as the dollar slipped by 0.06 percent, making alternative investments like gold more attractive to investors.
On August 23, the 22-carat gold rate held steady at previous levels, costing Rs. 1,49,500 per 10 grams. Meanwhile, 24-carat gold stood at Rs. 1,62,090 per 10 grams, and 18-carat gold retailed at Rs. 1,22,320 per 10 grams. For bulk buyers, 100 grams of 22-carat gold is priced at Rs. 14,95,000, while 100 grams of 24-carat gold is retailing at Rs. 16,20,900.
City-Wise Price Breakdown
Regional markets mirrored this national stability. In Chennai, the 22-carat gold rate today was recorded at Rs. 1,49,500 per 10 grams, while the 24-carat variety reached Rs. 1,62,090 per 10 grams, with 18-carat gold available at Rs. 1,22,320 per 10 grams. Similarly, in Hyderabad, 22-carat gold traded at Rs. 1,49,500 per 10 grams and 24-carat gold stood at Rs. 1,62,090 per 10 grams.
MCX Futures and Silver Trends
Gold futures on the Multi Commodity Exchange maturing on October 5 closed 0.73 percent higher at Rs. 1,54,590. Silver futures expiring on September 4 edged up by 0.15 percent. In the physical market on Sunday, August 23, silver showed minimal movement, with 1 kilogram priced at Rs. 2,70,000 and 100 grams retailing at Rs. 27,000.
Expert Outlook and Macro Factors
According to commodity outlook reports, spot gold is expected to find support near $4480 and rise toward the $600 level driven by a soft dollar and safe-haven buying. Prices may also receive support as U.S. Treasury Secretary Scott Bessent indicated he might further increase government repurchases of Treasuries. Based on the CME Fedwatch Tool, traders are pricing in a 64 percent probability that the Federal Reserve will maintain current interest rates and a 36 percent chance of a rate hike in September. However, sharp upward momentum could be capped as surging crude oil prices heighten inflation concerns and increase pressure on the central bank to tighten monetary policy.
