SRINAGAR: Gold prices in India surged by Rs 1,140 on Tuesday, following weeks of decline after the Iran-Israel ceasefire, with 24-carat gold now priced at Rs 98,400 per 10 grams and 22-carat at Rs 90,200 in Mumbai. Silver also rallied significantly, increasing by over Rs 2,300 per kg to reach Rs 1,10,000 in the morning session, News 18 reported.
On the Multi Commodity Exchange (MCX), gold futures expiring on August 5, 2025, were trading at Rs 96,894 per 10 grams—up by 0.85 per cent. Silver futures, due on September 5, 2025, gained 0.27 per cent to trade at Rs 1,06,576 per kg.
Experts attributed the recovery in bullion to short covering, bargain hunting, and a weakening US dollar. “Gold rebounded from five-week lows as a weaker dollar index—reaching a 43-month low—combined with weak US GDP data and a stronger Euro, boosted bullish sentiment,” said Rahul Kalantri, Vice President of Commodities at Mehta Equities.
He further noted technical indicators for both metals: gold has support at $3,285–3,265 and resistance at $3,335–3,355, while silver has support at $35.74–35.55 and resistance between $36.25–36.50.
India’s gold prices are influenced by global market movements, import duties, local taxes, and currency exchange rates. With gold playing both a financial and cultural role in Indian households—especially during weddings and festivals—fluctuations in prices are closely watched by investors and traders alike.
Analysts suggest that given the economic uncertainties and shifting global policies, bullion markets will continue to experience volatility, prompting investors to stay informed on pricing trends and economic indicators.
