Gold and silver extended their gains for a second consecutive session driven by strong demand, despite elevated crude oil prices, with experts suggesting prices may climb further amid cautious investor positioning ahead of US inflation data.
Gold and silver prices extended their gains for a second straight session, with informalnewz.com reporting that the latest move came on the back of firm demand even as crude oil prices stayed elevated. The report said 10 grams of 24-carat gold rose by ₹10 in Delhi, while 22-carat gold also gained ₹10. Historical price trackers for August show that precious metals can move sharply during the month, with gold and silver both recording notable swings in India in earlier trading periods.
The publication said the recent rise comes after a volatile run for gold. It fell by ₹1,860 per 10 grams for 24-carat metal and by ₹1,710 for 22-carat gold across two sessions after a brief pause on August 9, following a much larger four-day climb beforehand. Silver has also strengthened, adding ₹10,100 per kilogram over two days after holding steady for three sessions. In Delhi, silver was quoted at ₹2,55,100 a kilogram, while Chennai remained the priciest of the four major metros mentioned at ₹2,60,100.
City-wise figures published by informalnewz.com put 24-carat gold at ₹1,53,980 a 10-gram in Delhi, Lucknow and Jaipur, while Mumbai, Kolkata, Bengaluru and Hyderabad were listed at ₹1,53,830. Chennai was higher at ₹1,54,380. For 22-carat gold, the reported range was ₹1,41,010 to ₹1,41,510, and 18-carat prices ran from ₹1,15,380 to ₹1,19,310 depending on the city.
Market watchers quoted by the site said bullion could remain firm in the near term. Pranav Meer of JM Financial Services said gold and silver may rise further, with gold potentially moving towards ₹1.57 lakh per 10 grams and silver towards ₹2.80 lakh a kilogram. Gaurav Garg of Lemon Market Desk said investors were positioning in gold ahead of US inflation data due on August 12, while silver was drawing support from both investment and industrial demand.
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.
