Gold prices in India rose sharply on August 11, driven by a stronger global bullion outlook and increased investor interest, defying usual seasonal lull and amid cautious market sentiment ahead of US inflation data.
Gold prices in India jumped sharply on August 11 as a firmer global bullion backdrop and renewed investment demand lifted sentiment, even as traders continued to weigh inflation pressures and the risk of higher interest rates linked to elevated crude oil prices. According to Goodreturns, 24-carat gold rose by about Rs 3,200 per 10 grams and Rs 32,000 per 100 grams, while 22-carat and 18-carat prices also moved higher across the domestic market.
Analysts quoted by Goodreturns said the rally was being supported by stronger buying interest from investors seeking a hedge against volatility. They pointed to increased bullion holdings by Chinese institutional investors, a prolonged run of inflows into gold-backed exchange-traded funds and fresh purchases by China’s central bank, which added about 20 tonnes to its reserves in July after 15 tonnes in June. The dollar was steady near 99.7, while markets were waiting for US inflation data for clues on the Federal Reserve’s next move.
At the India Bullion and Jewellers Association, 999-purity gold was quoted at Rs 15,490 per gram, or Rs 1,52,490 per 10 grams, while 995-purity gold stood at Rs 15,188 per gram. The association also listed 916-purity gold at Rs 13,968 per gram, 750-purity gold at Rs 11,437 and 585-purity gold at Rs 8,921. Silver and platinum prices were also tracked alongside bullion, reflecting the wider strength in precious metals.
Retail pricing across major jewellers showed similar gains. Goodreturns reported that Tanishq priced 22-carat gold at Rs 14,265 per gram and 24-carat gold at Rs 15,562 per gram, while Malabar Gold quoted 22-carat gold at Rs 14,220 per gram and 24-carat gold at Rs 15,513. Joyalukkas matched Malabar’s 22-carat rate in several states, and Kalyan Jewellers was offering 22-carat gold below the Rs 14,000 mark at Rs 13,930 per gram.
The latest surge comes despite the Indian market’s usual mid-year slowdown. Research on seasonality in Indian gold prices shows demand typically weakens between June and August before picking up later in the year, especially during the October-to-December festive and wedding season. That backdrop makes the current rise notable, particularly after Titan Company said earlier this year that its jewellery sales remained resilient even at record gold prices, although margins came under pressure as customers shifted towards gold coins and lighter designs.
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