Gold prices across India surged to a seven-week peak on August 8, driven by weaker US labour data and renewed expectations of interest-rate cuts, with global bullion prices also climbing sharply, signalling a bullish outlook for precious metals.
Gold prices in India climbed to a seven-week high on August 8 as weaker-than-expected US labour data and growing expectations of interest-rate cuts lifted bullion sentiment, according to Business Today. On the Multi Commodity Exchange, October gold futures opened 0.36% higher at ₹1,49,029 per 10 grams and later rose to an intraday peak of ₹1,49,700, keeping the market close to record territory. Spot gold overseas also advanced sharply, with prices gaining 2.4% to $4,341.69 an ounce, the highest since June 17.
City-level retail rates reflected the firm tone in the domestic market. Business Today reported 24-carat gold at ₹15,005 per gram in Delhi, Jaipur and Lucknow, while Mumbai, Kolkata, Bengaluru, Hyderabad and Pune were quoted at ₹14,990. Chennai stood at ₹14,999, and Ahmedabad at ₹14,995. The publication noted that price differences across cities usually stem from local taxes, import duties, transport costs and broader market conditions.
Silver also remained elevated, although prices showed some intraday softness after early gains. September silver futures on the MCX touched ₹2,28,397 per kg before easing to ₹2,26,580 later in the session. Business Today said silver traded around ₹2,39,900 per kg in several large cities, including Delhi and Mumbai, while southern markets such as Chennai, Hyderabad and Coimbatore were closer to ₹2,49,900 per kg.
In global trade, COMEX gold was quoted near $4,320 an ounce and silver at $62.36 an ounce, underscoring the strength in precious metals more broadly. Silver continues to draw support not only from investment demand but also from industrial use in electronics and manufacturing, which can add another layer of volatility to prices.
UBS has kept a bullish view on gold, forecasting that it could reach $5,000 an ounce in the first half of 2027, citing the prospect of easier monetary policy and sustained investor demand. The bank’s outlook adds to a growing sense that bullion may remain well supported if the global economy weakens further and central banks move towards lower rates.
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