Gold, Silver Rate Today, August 8: Gold hits seven-week high; check city-wise rates

Gold, Silver Rate Today: Gold prices extended their rally on Saturday, August 8, with the precious metal touching a seven-week high in international markets as weaker-than-expected US jobs data boosted expectations of monetary easing. Spot gold climbed 2.4% to $4,341.69 an ounce, its highest level since June 17. The yellow metal has gained more than 7% this week, putting it on track for its strongest weekly performance since January.

The rally has been supported by lower US Treasury yields, a weaker US dollar and renewed safe-haven demand amid geopolitical uncertainty. Investors have also increased their exposure to gold as expectations of a US rate hike have weakened, improving the appeal of non-yielding bullion.

In India, gold futures continued to trade near record-high levels. On the Multi Commodity Exchange (MCX), October gold futures opened 0.36%, or Rs 536, higher at Rs 1,49,029 per 10 grams. The contract later touched an intraday high of Rs 1,49,700, gaining Rs 1,207, or 0.81%, by around 12:10 pm.

Gold Rate Today: City-Wise Prices

As of August 8, 24-carat gold is priced at around Rs 14,990 per gram nationally, translating to Rs 1,49,900 per 10 grams. In New Delhi, the rate is higher at Rs 15,005 per gram for 24K gold. Gold prices can differ between cities because of local taxes, duties, transportation costs and market conditions.

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Silver Rate Today, August 8

Silver prices also remained elevated on August 8, although domestic rates witnessed some profit-taking. MCX September silver futures touched an intraday high of Rs 2,28,397 per kg, rising Rs 813, or 0.35%, from the previous close of Rs 2,27,584. The contract later traded at Rs 2,26,580, down Rs 1,004, or 0.44%.

City-wise, silver was priced at around Rs 2,39,900 per kg in Delhi, Mumbai, Kolkata, Bengaluru, Jaipur and several other cities. Chennai, Hyderabad, Kerala, Coimbatore, Madurai and Vijayawada recorded higher rates of around Rs 2,49,900 per kg.

Internationally, COMEX gold was trading around $4,320 an ounce, while silver stood at $62.36 an ounce. Silver prices are influenced not only by investment demand but also by industrial consumption, including demand from electronics and manufacturing.

Meanwhile, UBS has maintained its bullish outlook on gold and expects the precious metal to reach $5,000 an ounce in the first half of 2027, citing expectations of easier monetary policy and sustained investor demand.

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