Gold Price Today: Yellow Metal Price Dips Despite Global Gains—Can It Soon Cross Rs 1 Lakh Mark?

Gold Price Today: Despite global markets witnessing a surge in the precious metal's value due to safe-haven buying, gold prices in India saw a decline. According to the All India Sarafa Association, on Friday, gold prices in the national capital fell by Rs 400 to settle at Rs 97,620 per 10 grams for 99.9% purity.

In the previous session, gold had closed at Rs 98,020 per 10 grams. Similarly, gold of 99.5% purity dropped by Rs 300 to Rs 97,500 per 10 grams, inclusive of all taxes, compared to the previous level of Rs 97,800 per 10 grams.

Silver prices also extended their losses for the second consecutive day. The white metal tumbled by Rs 2,500 to Rs 109,500 per kg from Rs 112,000 per kg in the last session.

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Global Factors Driving Gold Sentiment

While domestic prices dipped due to profit booking by stockists, international markets saw a notable rise in gold prices. Spot gold climbed 1.8% to $3,347.66 per ounce, hitting its highest level since July 25, after briefly touching a 2% gain earlier in the day. US gold futures also settled 1.5% higher at $3,399.8 per ounce.

Sugandha Sachdeva, founder of SS WealthStreet, said, “This rally came after weaker-than-expected US payroll data reinforced expectations of an interest rate cut by the Federal Reserve next month. Non-farm payrolls increased by only 73,000 jobs in July, well below the forecast of 106,000, while the unemployment rate rose to 4.2% from 4.1% in June.”

“Additionally, US President Donald Trump’s announcement of reciprocal duties of 10% to 41% on imports from nearly 70 countries and a steep 40% levy on rerouted goods heightened global trade uncertainties, driving demand for gold as a safe-haven asset,” she further noted.

Expert Views on Gold Trends

According to Sachdeva, “Gold prices surged by around 1% during the week, building on a strong base near $3,265 per ounce in the international market, while on the domestic front, the Rs 97,000 per 10 gm level has emerged as a key support zone."

"The confluence of escalating global trade tensions and concerns over the US central bank’s independence has created an environment for risk aversion, driving investors toward gold,” she said. 

She added that recent US data reflects mixed signals, with sticky inflation and slowing job growth creating pressure on the Federal Reserve to consider rate cuts.

"This combination of weak labour market momentum and inflation concerns has increased market expectations of a rate cut in September, pressuring the dollar and enhancing gold’s appeal. A short-term dip towards Rs 98,200 per 10 gm cannot be ruled out, which could attract fresh buying interest. On the upside, domestic gold prices may test Rs 100,500 per 10 gm, while international prices could move towards $3,410 per ounce," Sachdeva explained.

Silver and Other Precious Metals

While gold gained internationally, spot silver was up 0.4% at $36.88 per ounce, platinum rose 1.2% to $1,304.91, and palladium climbed 1.4% to $1,208.05. However, despite Friday’s rise, silver, platinum, and palladium all posted weekly losses.