JAIPUR: Gold and silver prices moved higher again on Friday, with precious metals receiving support from a weaker US dollar and fresh moves by the US Treasury to increase purchases of longer-dated government bonds. In India, 24K gold remained around the ₹1.59 lakh per 10 grams mark across several major cities.
According to Reuters, spot gold was up around 0.5% at $4,540.18 per ounce in early Friday trade and was on track for its third consecutive weekly gain. Gold had gained around 3.6% so far this week. Spot silver also rose about 1.3% to $68.92 an ounce.
Gold Rate Today: What Are Prices in Delhi, Mumbai, Chennai and Jaipur?
According to indicative retail rates reported by Moneycontrol for August 21, gold prices in major Indian cities were:
| City | 24K Gold / 10g | 22K Gold / 10g |
|---|---|---|
| Delhi | ₹1,59,220 | ₹1,45,840 |
| Mumbai | ₹1,59,220 | ₹1,45,840 |
| Kolkata | ₹1,59,220 | ₹1,45,840 |
| Jaipur | ₹1,59,220 | ₹1,45,840 |
| Chennai | ₹1,59,650 | ₹1,46,240 |
Chennai's 24K gold rate was around ₹15,965 per gram, while 22K gold was around ₹14,624 per gram. Rates in Delhi and several other cities were around ₹15,922 per gram for 24K gold and ₹14,584 per gram for 22K gold.
These are indicative retail rates. The final price paid by jewellery buyers can be higher after GST, making charges and other jeweller-specific costs.
Silver Price Today: Silver Also Moves Higher
Silver has also joined the rally in precious metals.
Moneycontrol's indicative rates showed silver at around ₹244 per gram, or approximately ₹2.44 lakh per kilogram, in major cities such as Delhi, Mumbai and Chennai on August 21.
Internationally, spot silver climbed 1.3% to $68.92 per ounce, according to Reuters.
Physical silver prices and exchange-traded futures can differ, so buyers should check the latest local dealer or exchange quote before making a transaction.
Why Are Gold Prices Rising?
The latest gold rally cannot be explained by safe-haven demand alone. The immediate triggers have been movements in the US dollar, Treasury yields and expectations around US monetary policy.
According to Reuters, the US dollar weakened while the US Treasury announced plans to increase buybacks of longer-dated Treasury securities. The Treasury is expected to double the size of these operations to at least $4 billion per operation in the next quarter.
The announcement changed expectations around the bond market and provided additional support to gold.
Interest-rate expectations are particularly important for gold because the metal does not generate interest or dividends. When real interest rates are expected to remain lower, the opportunity cost of holding gold tends to decline.
Reuters reported that markets were pricing in roughly a 64% probability of the Federal Reserve keeping rates unchanged next month.
Gold Reaches Its Highest Level Since Early June
The speed of the latest rally has been notable.
On August 20, spot gold briefly reached its highest level since June 2. Gold had already surged more than 4% on Wednesday after the Treasury announcement triggered a sharp decline in US bond yields and the dollar.
The metal continued to hold those gains on Friday, putting it on track for a third straight weekly advance.
This also shows that the current move is not limited to the Indian bullion market. The global precious-metals market is experiencing strong momentum as well.
What Is Happening in MCX Gold and Silver?
Domestic futures markets have also remained firm.
Recent market reports showed MCX gold heading for another higher session, while gold had gained around ₹6,400 per 10 grams over three sessions. Silver had gained roughly ₹13,000 per kilogram over the same period.
However, MCX prices can change rapidly during trading hours and differ depending on the contract month. Therefore, investors should distinguish between MCX futures prices, international spot prices and retail jewellery rates rather than treating them as interchangeable figures.
Why Is Silver Rising?
Silver's fundamentals are slightly different from those of gold.
While investment and safe-haven demand support silver, the metal also has significant industrial applications. That means expectations for global economic activity and industrial demand can influence prices alongside the dollar and interest-rate outlook.
The latest move in international silver prices to around $68.92 an ounce reflects the broader strength across precious metals.
Silver is also generally more volatile than gold, which means its gains can be stronger during favourable commodity cycles—but corrections can also be sharper.
What Does the Gold Rally Mean for Indian Stocks?
The impact of higher gold prices is not limited to the bullion market.
Gold-financing companies also attracted attention in Indian equities on Friday. Reuters reported gains of roughly 2% to 8% in stocks including IIFL Finance, Muthoot Finance and Manappuram Finance, although company-specific developments and analyst views also contributed to those moves.
A sustained rise in gold prices can also have broader implications for India's import bill and the rupee because India relies significantly on imports to meet domestic gold demand.
For investors, the interaction between gold prices, USD/INR and domestic interest rates is therefore worth watching.
What Should Investors Watch Next?
Four factors are likely to remain particularly important for gold and silver prices:
US Dollar: A stronger dollar could put pressure on dollar-denominated gold.
US Treasury Yields: Falling yields generally provide support to non-yielding assets such as gold.
Federal Reserve Policy: Any change in expectations around US interest rates could trigger volatility.
Geopolitical Developments: Tensions involving Iran and the Middle East could influence safe-haven demand, although the latest rally has been driven strongly by currency and bond-market movements.
Should Investors Buy Gold and Silver Now?
The recent rally does not necessarily mean investors should rush to buy at current levels.
For investors seeking long-term portfolio diversification, staggered purchases can help reduce the risk of entering the market at a single price.
For short-term traders, however, the risk of volatility and profit-booking is higher after such a sharp move.
Jewellery buyers should also look beyond the headline gold price. GST, making charges and wastage charges can significantly affect the final purchase bill.
Aurelius Business View
The latest gold rally is about more than safe-haven demand. A weaker US dollar, changing Treasury-market dynamics and expectations around Federal Reserve policy are currently the key macro drivers.
Silver is benefiting from the same monetary and currency factors while also receiving support from its industrial-demand component.
With international spot gold around $4,540 per ounce and Indian 24K gold near the ₹1.59 lakh per 10-gram mark, the trend remains positive. But after such a strong move, investors should be careful about chasing prices.
The next major signals will come from the US dollar, Treasury yields and Federal Reserve rate expectations.
Bottom Line
Gold Rate Today, August 21, 2026: 24K gold is trading around the ₹1.59 lakh per 10-gram level across several major Indian markets, while 22K gold is around ₹1.46 lakh per 10 grams. Chennai prices are slightly higher.
Internationally, spot gold is around $4,540.18 per ounce, while silver is around $68.92 per ounce. Gold is on track for its third consecutive weekly gain, with prices up around 3.6% this week.
The broader trend remains supportive, but investors should keep a close watch on the dollar, US bond yields and Fed policy expectations before taking fresh positions.
Disclaimer: Gold and silver prices can change during the trading session and may vary across cities, jewellers, exchanges, purity levels and tax structures. The rates mentioned above are indicative and should not be treated as guaranteed buying or selling prices. This article is for informational purposes only and does not constitute investment advice.
