Gold Prices Surge in India as US Payrolls Loom; 2026 IRA Tax Rules Outline Gold Investment

On August 7, 2026, Indian gold futures on the MCX rose 0.5% to ₹1,49,608 per ounce as investors awaited the U.S. non‑farm payroll report for clues on Federal Reserve policy. Domestic 24‑karat gold increased by ₹16 to ₹1,49,890 per 10 grams, with major cities such as Mumbai, Kolkata, Delhi and Chennai reporting similar price levels. In the United States, spot gold was up 0.6% at $4,262.39 per ounce, marking its biggest weekly gain since January, while silver, platinum and palladium also posted gains.

Separately, a 2026 guide to gold IRAs explains that qualified metals must meet IRS purity standards (99.5% gold, 99.9% silver, 99.95% platinum and palladium) and be held by a custodian at an IRS‑approved depository. The 2026 contribution limit is $7,500 (plus a $1,100 catch‑up for those 50 or older). Early withdrawals before age 59½ trigger income tax plus a 10% penalty, and traditional gold IRAs are subject to required minimum distributions starting at age 73, whereas Roth IRAs are not. The guide advises consulting a tax professional to avoid costly mistakes.