Gold prices in Bengaluru, Chennai, and Hyderabad remained largely unchanged over the weekend, offering relief to buyers amid persistent demand during the wedding season, even as global markets show gains due to softer US inflation data.
Gold prices were largely unchanged across Bengaluru, Chennai and Hyderabad over the weekend, after a week in which the Indian bullion market had weakened several times. According to GoodReturns, the pause offered some relief to retail buyers, especially as the wedding season keeps demand for gold elevated and higher prices have been squeezing traditional purchasers.
In Bengaluru, 22-carat gold was quoted at ₹1,42,200 per 10 grams on August 16, while 24-carat gold stood at ₹1,55,130 and 18-carat gold at ₹1,16,350. The same 22-carat and 24-carat levels were reported in Chennai and Hyderabad, underlining the broadly flat tone in major south Indian markets. Historical price data from RupeeRates and related market trackers also show that gold prices had been moving day by day through the month, even as the weekend brought a brief pause.
The firmness in local retail prices came despite some volatility in broader market indicators. On the Multi Commodity Exchange, gold futures due to expire on October 5 rose 0.73% to ₹1,54,590, while silver futures for September 4 gained 0.15% to settle at ₹2,36,272 per kilogram, according to GoodReturns. Spot prices were stronger too, with Reuters reporting that gold rose 0.7% to $4,379.95 an ounce, while U.S. gold futures ended 0.4% higher and spot silver climbed 0.7% to $64.88 an ounce.
Analysts said the precious metals market was being shaped by softer US inflation readings, which have reduced expectations of a Federal Reserve rate increase next month. Akshat Siddhant, lead quant analyst at Mudrex, told GoodReturns that gold and silver were still supported by those cooler inflation figures, even as oil moved lower after a strong run. Separate reporting from Reuters noted that crude slipped below $81 a barrel despite a larger-than-expected supply deficit forecast from the International Energy Agency, after a sharp rise in US inventories damped the earlier rally.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
