Key Takeaways:
- Gold prices on the Multi Commodity Exchange (MCX) saw a slight increase, while silver prices dipped on August 26.
- In major Indian cities, gold prices ranged from Rs 6,695 to Rs 6,710 per 1 gram (22 carats) and silver prices were around Rs 87,900 to Rs 92,900 per kg.
- International gold prices remained steady, supported by a weaker dollar and Treasury yields following dovish remarks by U.S. Federal Reserve Chair Jerome Powell.
Gold and Silver Prices in Major Cities
| CITY | GOLD (per 1 gram, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 6,710 | Rs 87,900 |
| MUMBAI | Rs 6,695 | Rs 87,900 |
| KOLKATA | Rs 6,695 | Rs 87,900 |
| CHENNAI | Rs 6,695 | Rs 92,900 |
The price of gold varies across different regions in India due to factors like excise duty, making charges, and state taxes.
Gold, Silver Prices in International Market
Gold prices remained steady in the international market, supported by a weaker dollar and Treasury yields following Jerome Powell’s dovish remarks.
Spot gold was at $2,510.75 per ounce, and U.S. gold futures stood at $2,545.90. Spot silver saw a slight decline to $29.70 per ounce.
Published On:
Aug 26, 2024
FAQ:
1. Why did gold prices increase while silver prices decreased in the Indian markets?
Gold prices saw a slight increase due to various market factors and demand, while silver prices dipped for other reasons such as global trends or economic indicators.
2. What factors contribute to the varying prices of gold in different Indian cities?
The prices of gold in different Indian cities can differ based on factors like excise duty, making charges, state taxes, and local demand-supply dynamics.
3. How do international market trends impact the prices of gold and silver in India?
International market trends such as the dollar’s strength, global economic conditions, and geopolitical events can influence the prices of gold and silver in India through interconnected financial markets.
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