Precious metals firmed up in early August. On August 3, 2026, MCX gold traded above ₹1,43,500 per 10 grams and MCX silver rose to around ₹2,18,400 per kg, climbing nearly ₹1,300 in the session, according to GoodReturns. Retail 24-karat gold was quoted near ₹14,422 per gram, with 22K at about ₹13,220 and 18K around ₹10,816.
The move came as crude oil prices crashed up to 6% on hopes of a US–Iran détente, while a weaker dollar and investor focus on the RBI’s monetary policy decision supported bullion. Globally, precious metals traded broadly higher.
Why it matters for Indian buyers:
– Jewellery and durables: Higher spot prices raise the cost of 22K/18K gold used in ornamentation.
– Investors: Gold remains a popular hedge against inflation and currency weakness; silver offers higher volatility and smaller ticket sizes.
– Watch the rupee: A stronger rupee can partially offset global price gains for domestic buyers.
Context: gold had run close to ₹1.8 lakh per 10 grams and silver above ₹4.2 lakh per kg earlier in the year before sharp swings. LiveMint noted rates continued to climb into August 4 amid a dip in the dollar and crude, even as investors weighed the RBI outcome.
For those considering entry, financial advisers typically suggest treating gold as a portfolio diversifier of 5–10% rather than a tactical bet, and using sovereign gold bonds or ETFs to avoid making charges on physical jewellery.
Sources: GoodReturns, GoldMeter and the LiveMint commodity desk.