Gold and silver prices in India edged higher on August 8, driven by firmer international bullion markets and ongoing geopolitical tensions, with domestic rates varying across cities amid global cues and seasonal demand.
Gold and silver prices in India moved higher on August 8 as international bullion markets firmed, extending a volatile run driven by geopolitical tension and shifting US interest rate expectations. On the Multi Commodity Exchange, gold futures for October delivery opened stronger and later touched an intraday high, while silver also traded with gains before easing back from its peak, according to IANS reporting cited by India.com.
In the domestic market, retail gold prices varied by city, with 24-carat rates at ₹15,005 per gram in New Delhi, ₹14,990 in Mumbai and Kolkata, and ₹14,999 in Chennai. The same report put 22-carat prices at ₹13,756 in Delhi and ₹13,741 in Mumbai and Kolkata, while 18-carat gold stood at ₹11,258 in Delhi and ₹11,243 in Mumbai and Kolkata. Chennai remained slightly dearer for lower-purity gold, reflecting the usual city-by-city differences shaped by local demand, transport costs and dealer margins.
Silver was also firmer, with the price quoted at ₹239.90 per gram, or ₹2,39,900 per kilogram. That marked a modest day-on-day shift, but it came after a sharp stretch of swings in early July, when precious metals were hit by falling global prices and then steadied again as markets digested fresh developments in the Middle East. NDTV Profit reported on July 8 that Indian gold and silver prices had held relatively steady despite US-Iran tensions, while other outlets said the same day saw a sharper retreat in both metals.
The broader backdrop remains the same: Indian bullion prices track international spot rates, the dollar and seasonal jewellery demand, especially around festivals and wedding buying. With COMEX gold and silver both trading higher in the latest update cited by India.com, the near-term direction of domestic prices is still likely to depend on overseas market cues and the pace of safe-haven demand.
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