Gold prices soared to a seven-week high on August 8, 2026, buoyed by weaker-than-expected US jobs data, declining Treasury yields, and growing anticipation of monetary easing. The surge in the yellow metal's value was significant, marking its strongest weekly performance since January.
International Gold Market Sees Strong Gains
Globally, COMEX gold was trading around $4,320 an ounce. Spot gold climbed 2.4% to reach $4,341.69 an ounce, a level not seen since June 17. This robust performance reflects increased safe-haven demand amid geopolitical uncertainties and a weaker US dollar, further enhancing gold's appeal as expectations for a US rate hike diminished.
Domestic Gold Prices Approach Record Levels
In India, gold futures on the Multi Commodity Exchange (MCX) continued to trade near record highs. October gold futures opened 0.36% higher at Rs 1,49,029 per 10 grams. The contract later touched an intraday high of Rs 1,49,700, gaining 0.81% by midday on August 8.
As of August 8, 2026, 24-carat gold was nationally priced at approximately Rs 14,990 per gram, or Rs 1,49,900 per 10 grams. In New Delhi, the rate for 24K gold was slightly higher at Rs 15,005 per gram. City-wise gold prices can vary due to local taxes, import duties, transportation costs, and specific market conditions.
Silver Prices Also Remain Elevated
Silver prices also maintained elevated levels on August 8, though domestic markets experienced some profit-taking. MCX September silver futures reached an intraday high of Rs 2,28,397 per kilogram, an increase of 0.35% from the previous close. However, the contract later traded lower at Rs 2,26,580, down 0.44%.
Nationally, silver was priced around Rs 2,39,900 per kilogram in major cities like Delhi, Mumbai, Kolkata, Bengaluru, and Jaipur. Certain southern cities, including Chennai, Hyderabad, Kerala, Coimbatore, Madurai, and Vijayawada, reported higher rates of approximately Rs 2,49,900 per kilogram. Internationally, COMEX silver stood at $62.36 an ounce. Silver prices are influenced by both investment demand and significant industrial consumption, particularly in electronics and manufacturing sectors.
UBS Maintains Bullish Outlook on Gold
Investment bank UBS has reiterated its bullish forecast for gold, projecting the precious metal to reach $5,000 an ounce in the first half of 2027. This optimistic outlook is attributed to anticipated easier monetary policies and sustained investor demand for gold.