Gold and silver prices rise sharply this week

Gold and silver prices experienced a significant increase this week, with both precious metals rising by more than ₹2,000. According to the India Bullion and Jewellers Association (IBJA), the price of 24-karat gold rose by ₹2,742 to reach ₹1,52,363 per 10 grams.

Other gold categories also saw increases: 22-karat gold rose to ₹1,39,565 per 10 grams, and 18-karat gold reached ₹1,14,272 per 10 grams. During the week, the lowest price for gold was recorded on August 10 at ₹1,50,641 per 10 grams, while the peak was reached on August 12 at ₹1,53,419 per 10 grams.

Silver prices also climbed, increasing by ₹2,469 to reach ₹2,33,842 per kilogram. The weekly high for silver was ₹2,37,214 per kilogram on August 12, while the low was ₹2,31,373 per kilogram on August 10.

On the international market, gold prices approached $4,440 per ounce and silver reached approximately $65 per ounce. Experts attribute the price surge to declining inflation, noting that U.S. inflation dropped from 3.5% in June to 3.4% in July. This trend reduces the likelihood of the Federal Reserve raising interest rates, which is viewed as a positive factor for gold.