Gold Holds Near Seven-Week High in India as Global Rally Extends on Rate-Cut Bets

Mumbai: Gold prices in India remained elevated on August 7, supported by a strong rally in international bullion markets and sustained safe-haven demand. On the Multi Commodity Exchange, gold continued to trade above ₹1.49 lakh per 10 grams.

Spot gold internationally climbed to its highest level in seven weeks in the previous session, with the metal gaining more than 5 per cent over the week — its largest weekly gain since January. The rally has been driven largely by growing expectations of a US interest rate cut this month, along with ongoing geopolitical uncertainty in West Asia.

24-karat gold was priced at around ₹14,989 per gram in Delhi, with 22-karat gold at ₹13,740 and 18-karat at ₹11,242, though jewellery prices vary further with making charges and GST. Silver also rallied sharply alongside gold, tracking gains on Comex.

Analysts said gold's direction going forward would continue to hinge on global bullion trends, currency movements and upcoming economic data releases, with domestic prices in Delhi, Mumbai, Bengaluru and Pune tracking the international pattern closely.