India's gold and silver prices surge in early August 2026

Gold and silver prices in India rose sharply in the first week of August 2026. In Delhi's Sarafa market, 24‑carat gold reached ₹1,54,000 per 10 g, while 22‑carat gold was about ₹1,37,410. Across major cities—Mumbai, Chennai, Kolkata, Hyderabad and others—prices hovered between ₹1,49,800 and ₹1,50,050 per 10 g. Silver also climbed, with the MCX price hitting ₹2,34,800 per kilogram in Delhi and similar levels in other markets.

The rally is linked to heightened geopolitical tension, notably the US‑Iran standoff and a US Senate bill imposing heavy tariffs on Russian oil and gas, which revived fears of a trade war. A weaker US dollar and softer US bond yields have further boosted demand for gold as a safe‑haven asset. Analysts cite these macro factors as the primary drivers of the price surge, while domestic demand for jewelry remains robust despite the higher rates.