Gold and Silver Prices Surge Over ₹2,000 This Week Amid US Inflation Trends
Precious metal markets wrapped up the week with strong bullish momentum as both gold and silver prices registered sharp increases, climbing by more than ₹2,000. According to official data released by the India Bullion Jewellers Association (IBJA), the upward trajectory in bullion prices has been fueled primarily by macroeconomic factors, notably declining inflation figures in the United States and growing market expectations that the Federal Reserve will hold off on raising interest rates. As investors and retail buyers navigate these shifting market conditions, gold and silver continue to demonstrate their appeal as vital safe-haven assets.
Detailed IBJA Rates for Gold and Silver Across Purity Levels
According to the latest IBJA figures, 24-carat gold jumped by ₹2,742 over the week, moving from a previous level of ₹1,49,621 to settle at ₹1,52,363 per 10 grams. Correspondingly, 22-carat gold increased to ₹1,39,565 per 10 grams up from ₹1,37,053, while 18-carat gold climbed to ₹1,14,272 per 10 grams from ₹1,12,216. Throughout the week's trading sessions, gold hit a low of ₹1,50,641 per 10 grams on the evening of August 10 and reached a weekly peak of ₹1,53,419 per 10 grams on August 12. Silver mirrored this upward movement, rising by ₹2,469 to reach ₹2,33,842 per kilogram compared to its earlier rate of ₹2,31,373, with weekly extremes ranging from a low of ₹2,31,373 on August 10 to a high of ₹2,37,214 per kg on August 12.
Global Market Drivers and US Federal Reserve Outlook
On the international front, bullion values strengthened significantly, with gold trading at approximately $4,440 per ounce and silver approaching $65 per ounce. Financial experts attribute this rally to continued cooling in US inflation, which eased to 3.4 percent in July down from 3.5 percent in June. This downward trend in inflation has diminished the likelihood of aggressive monetary tightening or interest rate hikes by the US Federal Reserve, creating a highly favorable environment for non-yielding precious metals like gold and silver in global commodities markets.
