Gold Prices Continue to Climb, Surpassing Rs 1,02,000 in Major Cities.
The precious metal's October contracts on the MCX opened at Rs 1,01,361 per 10 grams, with experts attributing the surge to a weak dollar and global trade tensions.
Gold prices extended their sharp rise on August 7, with the precious metal’s value soaring in major Indian cities. The October gold contracts on the Multi Commodity Exchange of India (MCX) began the day at Rs 1,01,361 per 10 grams.
In the national capital, Delhi, the price for 10 grams of 24-carat gold reached Rs 1,02,700, while 22-carat gold was priced at Rs 94,150. Other major metropolitan areas, including Mumbai, Chennai, Kolkata, Bengaluru, and Hyderabad, saw 24-carat gold trading at Rs 1,02,550 and 22-carat gold at Rs 94,000. Similar rates were observed in Jaipur and Lucknow, where 24-carat gold stood at Rs 1,02,700 and 22-carat at Rs 94,150. In Ahmedabad, the price for 24-carat gold was Rs 1,02,600, and for 22-carat, it was Rs 94,050, according to data from Good Returns.
Jateen Trivedi, VP Research Analyst at LKP Securities, noted that gold traded positively with gains of ₹300, reaching ₹1,01,500. He explained that the firmness in Comex gold, which stayed above $3,375, was supported by a weaker dollar index, trading below 98. Trivedi anticipates that gold will remain buoyant unless a breakthrough in trade talks occurs. He suggested that a significant profit-booking phase would likely only happen if prices fall below ₹99,500 and that any dip should be viewed as a buying opportunity, with gold expected to remain volatile within the ₹99,500–₹1,03,000 range.
The ongoing trade tariffs have also had a significant impact on the Indian gem and jewelry sector. Avinash Gupta, Vice Chairman of the All India Gem and Jewellery Domestic Council (GJC), highlighted the challenges posed by a 25% tariff on Indian gold jewelry exports to the U.S., which is already in effect. An additional 25% tariff is scheduled to begin on August 27.
Gupta stated, “This tariff shock is also pressuring the Indian Rupee, likely making gold costlier for domestic consumers and dampening demand within India—further straining the industry.” He also expressed concern over the livelihoods of thousands of skilled artisans, whose work is integral to India’s centuries-old jewelry craftsmanship.
