Gold prices in India remain elevated, with 24K gold priced at ₹1,63,090 per 10 grams as of August 23, continuing a bullish trend in the global market.
As of August 23, gold prices in India have stabilized after a significant rally in the previous week. The price of 24K gold is currently set at ₹1,63,090 per 10 grams, while 22K gold is priced at ₹1,49,500 per 10 grams. This stability follows a strong performance in global markets, where spot gold surged more than 5% during the week, reaching over $4,600 per ounce.
The recent increase in gold prices has been attributed to a weaker U.S. dollar, declining Treasury yields, and sustained demand for safe-haven assets amid ongoing economic and geopolitical uncertainties. According to reports, gold reached a three-month high, reflecting the broader bullish sentiment in the market.
The latest benchmark rates for gold in India are as follows:
24K Gold (99.9% purity): ₹16,309 per gram | ₹1,63,090 per 10 grams
22K Gold (91.6% purity): ₹14,950 per gram | ₹1,49,500 per 10 grams
18K Gold (75% purity): ₹12,232 per gram | ₹1,22,320 per 10 grams
Domestic gold prices have remained elevated, with 24K gold holding steady above ₹1.63 lakh per 10 grams. In just five days, the price of 24K gold has increased by ₹7,200, rising from ₹1,55,890 on August 18. Similarly, 22K gold has climbed from ₹1,42,900 to ₹1,49,500 during the same period.
City-wise gold prices have shown minor variations, but overall trends remain consistent. Here are the latest gold rates across major cities in India:
In Delhi, 24K gold is priced at ₹1,63,240 per 10 grams, while 22K gold is at ₹1,49,650. Mumbai’s rates are slightly lower, with 24K gold at ₹1,63,090 and 22K gold at ₹1,49,500. Chennai mirrors Mumbai’s rates, while Bengaluru, Hyderabad, Kolkata, Kerala, and Pune also report similar prices for 24K and 22K gold.
In Ahmedabad, 24K gold is priced at ₹1,63,140, and 22K gold at ₹1,49,550. Lucknow reflects the Mumbai rates, with 24K gold at ₹1,63,090 and 22K gold at ₹1,49,500.
On the Multi Commodity Exchange (MCX), gold trading was closed on Sunday, August 23, following a strong session on Friday, August 21, when gold prices crossed the ₹1.60 lakh mark for the first time since March. The international market also saw robust gains, with spot gold climbing 2.4% to $4,623.94 per ounce on Friday, reaching an intraday high of $4,631.99.
For potential buyers, it is essential to consider the total cost of purchasing gold, not just the quoted bullion rate. Buyers should verify the purity of gold by checking for the Bureau of Indian Standards (BIS) hallmark and the Hallmark Unique Identification (HUID) number before making a purchase. Additionally, comparing rates among different jewelers is advisable, as retail prices and making charges can vary significantly.
It is also important to factor in Goods and Services Tax (GST) when calculating the final price of jewelry, as the headline gold rate does not include these additional costs. Buyers should request a detailed breakdown of the weight of gold and any stones included in the jewelry to ensure transparency in pricing.
As gold prices remain high, tracking MCX futures can provide insights into potential domestic price movements when trading resumes. Furthermore, keeping an eye on global economic indicators such as the U.S. dollar, Treasury yields, Federal Reserve policies, oil prices, and geopolitical developments will be crucial for understanding future trends in gold pricing.
According to Reuters, the ongoing demand for gold as a safe-haven asset continues to support its elevated prices, making it a critical consideration for investors and buyers alike.