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Gold and Silver Rates Stabilize in India Following Late-July Swings

Stable bullion prices in India on August 1 follow recent volatility, marked by a 10% drop in domestic consumption volume alongside a surge in global ETF inflows.

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Customers check ornaments at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Mumbai, India November 2, 2021. REUTERS/Niharika Kulkarni/File Photo
Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth/ File Photo
Gold prices have been breaking record after record this year

Overview

  • On August 1 in India, gold traded at Rs 98,840 per 10 grams, with silver also holding steady after last week’s volatility.
  • Late-July swings in bullion rates responded to weaker US job openings data, Federal Reserve rate-hold signals, a softer rupee alongside rising oil prices.
  • India’s gold consumption volume declined 10% to 134.9 tonnes in the April-June quarter while its value climbed 30% to ₹1.22 lakh crore on record prices.
  • Global gold demand grew 3% to 1,249 tonnes in Q2, propelled by 170 tonnes of ETF inflows that underpinned investment.
  • Investors are now eyeing upcoming US macroeconomic releases for guidance on Federal Reserve policy with potential implications for bullion’s trajectory.