Gold prices in India have extended their rally for a third session, driven by positive international cues and seasonal buying patterns, with analysts eyeing further gains as global markets support bulls.
Gold prices in India rose for a third straight session on Friday, with domestic bullion extending a sharp three-day climb even though the latest daily move was modest. According to Goodreturns, 24-carat gold gained Rs 16 a gram to Rs 14,989, while 22-carat gold rose Rs 15 to Rs 13,740. Over the past three sessions, 24-carat prices have jumped by Rs 58,900 per 100 grams, putting the metal on track for its largest weekly increase since January.
Silver was unchanged for another day, with rates holding at Rs 2,40,000 per kilogram. The steadiness in silver contrasted with gold’s move higher and suggested that buying interest remained concentrated in the yellow metal, which has been drawing support from global market conditions.
International bullion prices helped reinforce the domestic rally. Goodreturns reported that spot gold was firmer on Friday and heading for its strongest weekly performance since January, with softer crude oil prices lending support. Traders were also watching the US non-farm payrolls report closely, because a weaker labour-market reading could strengthen expectations for Federal Reserve rate cuts.
In India, the climb in gold prices has also echoed broader seasonal and regional patterns. Industry commentary cited by The Gold Price notes that January and August have historically been among gold’s strongest months on average, helped by festivals, wedding demand and other seasonal buying. That backdrop has added to the momentum during a period when demand typically tends to improve.
Elsewhere in South Asia, gold pricing has also been moving sharply. The Bangladesh Jewellers’ Association raised local rates on July 2, after a rise in the price of pure gold in the domestic market, underscoring how quickly bullion markets across the region can respond to swings in international prices.
Prithviraj Kothari, managing director at RiddiSiddhi Bullions Ltd and president of the India Bullion and Jewellers Association Ltd, said the weaker-than-expected US private-sector jobs data had lifted market hopes for a Federal Reserve move in September. He added that gold was technically eyeing $4,500, while silver could advance towards $70-$71 if it breaks out decisively.
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