Is gold once again poised to set new records? It certainly seems so. The price of gold on the Multi Commodity Exchange has surged by up to ₹2,200 in August, while silver has witnessed an increase of over ₹2,500 per kilogram. Experts believe that possible interest rate cuts from the Federal Reserve in September, along with a decline in the dollar index, have contributed to the rising gold prices.
Moreover, tensions in the Middle East have also been supporting gold prices. Analysts are predicting further increases in the prices of gold and silver. Let’s take a closer look at the current trends in gold and silver prices.
Gold Prices on the Rise
In August, the price of gold saw a significant uptick. So far this month, gold has provided investors with returns exceeding 3%. According to data, gold closed at ₹69,655 per ten grams on July 31. By August 26, during the trading session, gold prices had risen to ₹71,852. This indicates an increase of ₹2,197 per ten grams. As of 10:45 AM today, the price of gold has increased by ₹11, reaching ₹71,788. This morning, it opened at ₹71,852 and closed at ₹71,777 on the previous Friday.
Current Gold Price Trends
| Date | Gold Price (per 10 grams) | Change (₹) |
|---|---|---|
| July 31 | ₹69,655 | – |
| August 26 | ₹71,852 | +₹2,197 |
| Today (10:45 AM) | ₹71,788 | +₹11 |
Increase in Silver Prices
Similarly, silver prices have also shown an upward trend on the Multi Commodity Exchange in August. Silver has provided investors with a return of 3% this month as well. On July 31, silver was priced at ₹82,596 per kilogram. By August 26, it surged to ₹85,128, representing an increase of ₹2,532. As of Monday, at 10:50 AM, silver prices saw a decrease of ₹181 and are currently at ₹85,030 per kilogram. It opened at ₹84,924 today, down from ₹85,211 last Friday.
Current Silver Price Trends
| Date | Silver Price (per kg) | Change (₹) |
|---|---|---|
| July 31 | ₹82,596 | – |
| August 26 | ₹85,128 | +₹2,532 |
| Today (10:50 AM) | ₹85,030 | -₹181 |
What’s Driving Gold and Silver Prices Up?
Experts identify several key international factors contributing to the rise in gold and silver prices. Observations suggest that the Federal Reserve might reduce interest rates in September, leading to a fall in the dollar index, which in turn supports gold prices. Additionally, ongoing tensions in the Middle East have heightened gold’s appeal as a safe haven asset, increasing demand significantly. Analysts believe that continued interest rate cuts from the Federal Reserve will further drive up gold prices, making it an essential investment option for many.
