Gold Rush: Prices Crossed Rs 1 lakh, Will It Surge Further During the Festive Season

Gold prices in India extended their upward march on Wednesday, notching gains for a fourth consecutive day. The surge comes as consumers step up festive season purchases, sending jewellery demand soaring and lifting the precious metal to a new all-time high.

Gold rates edge higher

Market data showed that the price of 24-carat gold rose by Rs 220 to settle at Rs 1,02,550 per 10 grams. Meanwhile, 22-carat gold climbed Rs 200 to reach Rs 94,000 per 10 grams. Prices of 18-carat gold also moved higher, up by Rs 160 to trade at Rs 76,910 per 10 grams.

Prices rally to historic levels

The recent rally has taken 100 grams of 24-carat gold to a record Rs 10,25,500, while the 22-carat variant is now priced at Rs 9,40,000. For 18-carat gold, the 100-gram rate stands at Rs 7,69,100, according to market figures.

Over the past week, gold prices have surged sharply across the board. The benchmark rate for 100 grams of 24-carat gold has now reached its highest-ever level. Gains in 18-carat gold have also bolstered positive sentiment, reinforcing the metal’s strong performance ahead of the festive period.

Also Read: Gold Prices to Hit ₹1 Lakh? ICICI Report Predicts Stunning Surge by Late 2025 | Republic World

Global cues mixed

On the global front, gold prices saw a mild pullback. Spot gold eased slightly as the US dollar strengthened by 0.09%, dampening momentum. Still, gold continued to trade above the US$3,300-per-ounce mark, after touching a two-week high earlier this week. Analysts attribute the overall resilience to heightened geopolitical tensions and continued economic uncertainty, which have supported safe haven buying.

Silver prices firm up

Silver, too, joined the rally. The white metal saw its second major price hike this week. On August 7, the rate of 1 kilogram of silver stood at Rs 1,17,000, while 100 grams and 10 grams were priced at Rs 11,700 and Rs 1,170 respectively. The gains reflect renewed investor interest in silver, driven by both industrial and investment demand.

Business outlook

With the festive season gathering pace and the wedding season around the corner, industry watchers expect demand for gold to remain robust. Analysts say domestic prices could stay firm in the near term. However, they caution that global factors — including dollar movement and interest rate signals — will play a key role in determining the trajectory of precious metals in the coming weeks.