Gold and Silver Prices Today: Gold hits all-time high at Rs 1,02,250, Silver nears Rs 1,14,500; Check city-wise rates

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Gold prices soared to a historic peak on the Multi Commodity Exchange (MCX) on Friday, with the yellow metal touching Rs 1,02,250 per 10 grams, up Rs 532 or 0.52%. Silver futures followed suit, gaining Rs 694 or 0.61% to settle at Rs 1,14,980 per kilogram.

Manoj Jain, Director and Head of Commodity & Currency Research at Prithvi Finmart, attributed the rally to "US trade tariff uncertainty and safe-haven buying by global central banks." He noted that the People's Bank of China raised its gold reserves for the ninth consecutive month in July, while Bloomberg data showed global central banks’ holdings climbing to 73.96 million ounces.

In the international market, gold December futures settled at $3,453.70 per troy ounce (up 0.59%), and silver September futures closed at $38.294 per troy ounce (up 1.03%). Jain said gold has broken its resistance at $3,454 and could strengthen further towards $3,509–$3,540 if sustained, while silver could extend gains to $38.80–$39.40.

Market Outlook

For Friday’s session, gold on MCX is expected to trade in the Rs 1,01,000–Rs 1,03,000 range, with silver likely between Rs 1,13,400–Rs 1,16,650. Jain suggested buying silver above Rs 1,14,000 with a stop loss of Rs 1,12,800 for targets of Rs 1,15,500–Rs 1,16,650.

Currency Impact

The dollar index fell to 97.91 (down 0.11%) after U.S. jobless claims rose last week, while the USD-INR August 26 futures closed at 87.5800 (down 0.29%). The rupee recovered from early losses supported by gains in domestic equities and profit booking in crude oil. The dollar index is expected to remain volatile between 97.10–98.85, while the rupee is seen trading between 87.10–88.06 in the near term.

Asian Gold Demand Slows

In Asia, higher prices dampened physical gold demand. In India, domestic gold hovered near Rs 1,02,100 per 10 grams after hitting a record Rs 1,02,191. Dealers quoted between a $9 discount and a $2 premium over official prices, compared to last week’s $7 discount. Jewellery exporters remained cautious due to weak U.S. demand following new tariffs.

China’s bullion traded at par to a $2 premium, Hong Kong at par to $1.60, Singapore between par and $2.50 premium, and Japan at a $0.25 premium. Traders reported increased selling and borrowing of gold at elevated prices, with buyers waiting for dips to re-enter the market.

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