Gold and silver rates went up on August 17 in India, with the two precious metals rising in the domestic market as well as in international markets. 24-carat gold rose to ₹1.55 lakh per 10 grams, and silver climbed to ₹2.38 lakh per kg.
According to the latest rates cited around 9:25 am, 24-carat gold was priced at ₹1,55,370 per 10 grams, up ₹510, or 0.33%, from the previous level. Silver also increased, with 999-fine silver rising to ₹2,38,500 per kg, up ₹1,230, or 0.52%.
The upward movement was also seen in the domestic futures market as both gold and silver were higher on the Multi Commodity Exchange (MCX).
24-carat gold price today
The latest domestic rate puts the price of 24-carat gold at ₹15,537 per gram.
Based on the rate quoted, the price of gold is:
1 gram: ₹15,537
10 grams: ₹1,55,370
100 grams: ₹15,53,700
1 kilogram: ₹1,55,37,000
1 ounce: ₹4,40,467
1 tola: ₹1,81,221
Gold had a rise of 0.33% to ₹510 per 10 grams.
The increase is coming as gold is still attractive to buy in the global gold market, as global precious metal markets are changing and expectations about the global economy and monetary conditions are also up.
Silver prices also climb
Silver followed gold higher on August 17. The price of 999-fine silver was at ₹239 per gram and 10 grams at ₹2,385.
The corresponding prices were:
1 gram: ₹239
10 grams: ₹2,385
100 grams: ₹23,850
1 kilogram: ₹2,38,500
The price of one kilogram of silver increased by ₹1,230, or 0.52%.
Silver's rise was stronger than gold's percentage rise in the domestic spot market, which is consistent with the recent volatility seen in the white metal.
Gold price on MCX
Gold was also firmly in the domestic futures market.
At MCX, gold was quoted at about ₹1,55,100 per 10 grams, up by ₹594, or 0.39%.
Gold reached a high of ₹1,56,155 per 10 grams and a low of ₹1,54,682 during the trading session. The previous closing price was ₹1,54,506 per 10 grams.
It indicates that domestic futures still have good momentum, with the precious metal up around last session's highs.
Silver gains on MCX
Silver also recorded a strong performance on MCX.
The precious metal was trading at roughly ₹2,37,492 per kg, up ₹1,568, or 0.67%.
During the session, MCX silver reached a high of ₹2,38,479 per kg and a low of ₹2,37,281. The previous closing price was ₹2,35,924 per kg.
Silver's 0.67% rise in MCX was stronger than the corresponding rise in gold, highlighting the relatively stronger movement in the white metal.
Gold prices in the international market
The rally was not restricted to the Indian markets, as well. Gold was also higher on the international market.
On the US Comex exchange, gold was at around $4,453.70 per ounce, gaining $16.40, or 0.37%.
The yellow metal hit a high of $4,473.20 per ounce and a low of $4,422.30 in trading.
International gold prices are closely watched by Indian investors because global prices as well as currency movements and domestic market factors affect local gold rates.
Silver rises internationally too
International silver prices were also up.
Comex silver was at around $65.79 per ounce, up $0.68, or 1.05%.
Silver also enjoyed a higher percentage gain than gold in the international market as well.
The simultaneous rise in gold and silver prices across domestic and international markets indicates broad strength across the precious metals segment.
What should investors watch?
Gold and silver prices can change very rapidly in the face of global economic conditions, interest rate expectations, currency movements, geopolitical conditions, investment demand, and futures market activity.
For Indian buyers, the final retail price can also vary depending on factors such as purity, making charges, taxes, and the seller.
However, the latest August 17 data suggest both precious metals remained on an upward trend. Gold is at ₹1.55 lakh per 10 grams, while silver is also above ₹2.38 lakh per kg (here in the reported domestic rate) at ₹2.38 lakh.
Investors and consumers should track the live market prices before making any decision to buy or invest in precious metals, as precious metal prices change during trading hours and even throughout the trading day.
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