Gold and silver prices in India showed largely stable trends on August 6, despite some weakness observed in international bullion markets. The yellow metal reached a retail price of ₹1,45,760 per 10 grams for 24-karat purity, while silver climbed to approximately ₹2,40,100 per kilogram across major Indian cities.
Multi Commodity Exchange (MCX) Trends
On the Multi Commodity Exchange (MCX), gold futures experienced a marginal uptick, rising by 0.58% to trade at ₹1.49 lakh per 10 grams. Similarly, silver futures also saw a modest increase of about 0.25%, reaching ₹2.28 lakh per kilogram.
Retail Market Overview and Purity Standards
In the retail sector, gold is primarily traded in two purities: 24-karat and 22-karat. While 24-karat gold is recognized as the purest form of the precious metal, 22-karat gold is widely preferred for crafting jewellery due to its enhanced strength and durability, attributed to the presence of alloyed metals.
Market participants continue to closely monitor various global economic indicators, including expectations regarding US interest rates and currency fluctuations, as these factors significantly influence the direction of precious metal prices.
City-Wise Retail Gold Rates on August 6
- 24-Karat Gold (per 10 grams):
- Delhi: ₹1,45,910
- Mumbai, Bengaluru, Kolkata, Hyderabad, Chennai: ₹1,45,760
- 22-Karat Gold (per 10 grams):
- Delhi: ₹1,33,760
- Mumbai, Bengaluru, Kolkata, Hyderabad, Chennai: ₹1,33,610
City-Wise Retail Silver Rates on August 6
- Silver (per kilogram):
- Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad, Chennai: ₹2,40,100
Leading jewellers also reported prices consistent with these market trends. For 22-karat gold, prominent retailers like Joyalukkas and Malabar Gold & Diamonds quoted around ₹13,200 per gram, while Tanishq's rate stood at approximately ₹13,245 per gram. For 24-karat gold, Malabar's rate was ₹14,422 per gram, and Tanishq's was around ₹14,415 per gram.
Marginal variations in retail prices among jewellers are typically influenced by brand-specific pricing strategies, procurement costs, and localized market conditions, while overarching bullion trends continue to guide the broader price movements.