Gold and silver prices remained volatile on August 08 as investors tracked global risk sentiment, US bond yields and currency movements. On the Multi Commodity Exchange, gold futures for October 5 opened higher, while silver futures for September 4 saw early buying before slipping from the day's high. Retail gold rates also stayed elevated across major Indian cities.
According to the market update, MCX gold futures opened 0.36 per cent, or Rs 536, higher at Rs 1,49,029 per 10 grams. The contract later touched an intraday high of Rs 1,49,700 by 12:10 pm, marking a rise of 0.81 per cent, or Rs 1,207, from the previous close.
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Retail gold prices differed slightly across cities due to local taxes, logistics costs, jeweller margins and regional demand. New Delhi quoted the highest listed 24-carat rate among the four metros at Rs 15,005 per gram. Mumbai and Kolkata showed identical rates, while Chennai had a higher 18-carat quote than other cities listed.
The same rate pattern was also reported for Bengaluru, Hyderabad and Kerala, where 24-carat gold stood at Rs 14,990 per gram. The 22-carat rate in these markets was Rs 13,741 per gram, while 18-carat gold was listed at Rs 11,243 per gram.
Silver rate today: MCX contract slips after early gain
Silver futures showed a mixed trend in early trade. The September 4 contract touched an intraday high of Rs 2,28,397 per kg, up Rs 813, or 0.35 per cent, from the previous close of Rs 2,27,584. At the last count, however, it was trading at Rs 2,26,580, down Rs 1,004, or 0.44 per cent.
In the international market, COMEX gold was quoted 0.36 per cent higher at $4,320 per ounce. COMEX silver traded at $62.36 per ounce, up 0.12 per cent. Global bullion prices often influence domestic futures, although Indian rates also reflect rupee movement, import costs and local levies.
Gold typically gains when investors look for safety during periods of uncertainty. Lower US Treasury yields can also support bullion because gold does not pay interest. When yields fall, the opportunity cost of holding gold declines, making the metal more attractive to some investors.
Currency movements are another important factor for Indian buyers. Gold is priced globally in US dollars. If the rupee weakens against the dollar, landed gold costs rise in India even when international prices are stable. This is one reason domestic gold rates can move sharply during global market stress.
Demand from jewellers and households also shapes the local price. Purchases usually increase around festivals, weddings and auspicious buying days. Strong seasonal demand can widen the gap between international benchmark prices and retail prices quoted by jewellers in different Indian cities.
The latest update shows gold trading at elevated levels, with futures touching an intraday high on August 08. Whether this represents an all-time high depends on the specific benchmark being used, such as MCX futures, local retail rates, or international spot and futures prices.
For retail buyers, the more useful comparison is the local per-gram rate in their city and the making charges quoted by jewellers. Jewellery purchases include additional costs such as GST and making charges, which can significantly increase the final bill beyond the published bullion rate.
Investors should also distinguish between physical gold, gold exchange-traded funds, sovereign gold bonds and futures contracts. Each product has a different cost structure, liquidity profile and risk level. Futures prices, in particular, can move quickly and are not the same as jewellery shop rates.
For buyers planning near-term purchases, price volatility remains the key risk. Tracking daily rates, comparing jeweller quotes and checking purity certification can help avoid overpaying. For investors, gold's role is usually as a portfolio diversifier rather than a short-term guaranteed return product.