Gold and silver prices continued to witness fluctuations during the week. Both precious metals opened the week on a higher note, while on August 6, gold prices advanced and silver prices declined.
Gold and silver prices rose again on Friday, August 7. Strength in global markets and increasing demand in the domestic futures market supported gains in precious metals. Investors as well as retail buyers continued to track the changing prices of gold and silver.
According to experts, global economic uncertainties, movements in the US dollar, interest rate expectations, and changes in demand for safe-haven investment options are influencing gold and silver prices. In India, the precious metals market is also being closely watched ahead of the festive and wedding season.
Gold and silver prices also strengthened in international markets on Friday. On the COMEX market, gold traded around $4,314.30 per ounce, up approximately 0.34 percent. Silver outperformed gold, rising about 1.33 percent to trade near $62.425 per ounce.
Demand for silver in global markets is also being influenced by industrial applications, particularly in solar panels, electronics, and new energy technologies.
In India's domestic futures market, the Multi Commodity Exchange (MCX), precious metals also traded higher. Gold on MCX rose by around ₹344 to trade near ₹1,49,202 per 10 grams. Silver recorded a larger gain, increasing by approximately ₹1,942 to reach ₹2,27,778 per kilogram.
According to market experts, gains in international markets and investor buying supported the domestic commodity market.
In the domestic bullion market, gold prices also moved higher on Friday. The price of 24-carat gold traded around ₹1,49,470 per 10 grams, while 22-carat gold was priced near ₹1,37,675 per 10 grams. Twenty-two-carat gold is commonly used for jewellery, whereas 24-carat gold is regarded as the highest standard of purity. The price of 18-carat gold also remained firm at around ₹1,12,825 per 10 grams.
Silver prices also registered gains in the domestic market, trading around ₹2,28,400 per kilogram. In addition to investment demand, industrial usage continues to play an important role in influencing silver prices. Demand from electric vehicles, solar energy equipment, and the electronics industry is also affecting silver prices.
