Gold Prices Surge on August 7th
On August 7th, gold prices experienced a significant increase. The October futures contract for gold on the Indian Exchange (MCX) commenced the day at Rs 1,01,361 per 10 grams.
Here’s a look at the current prices for 22-karat and 24-karat gold across key cities in India.
Current Gold Prices in Major Cities
- 24K Gold: ₹1,02,700 per 10g in Delhi
- 22K Gold: ₹94,150 per 10g in Mumbai
- 22K Gold: ₹94,000 per 10g in Chennai
- 22K Gold: ₹94,000 per 10g in Kolkata
- 22K Gold: ₹94,000 per 10g in Bengaluru
- 22K Gold: ₹94,000 per 10g in Jaipur
- 22K Gold: ₹94,150 per 10g in Lucknow
- 22K Gold: ₹94,150 per 10g in Hyderabad
- 22K Gold: ₹94,000 per 10g in Ahmedabad
(Data sourced from Good Returns)
In global markets, Comex gold is trading above $3,375, influenced by a slight dip of less than $98. It has shown active trading with a profit around £300 at £1,01,500. The price will be deemed an opportunity to buy if it descends below £99,500.
Moreover, a planned 25% tariff on Indian gold jewelry exports, beginning August 27th, has raised concerns. Avinash Gupta, vice-chairman of the All Indian Jewelry and Jewelry National Council (GJC), mentioned that this could significantly impact the sector, diminishing product competitiveness in the US market, jeopardizing the livelihoods of many skilled artisans, and imposing additional pressure on the Indian rupee, which could lead to higher gold prices for domestic consumers and lower demand within India. It’s certainly a challenge for the industry.
As always, it’s wise to consult a certified expert before making any investment decisions.
