Gold and silver prices are surging again in the Indian market. Gold on the Multi Commodity Exchange has climbed ₹19,000 this month so far. A weaker US dollar is pushing investors toward the yellow metal. The rally has now run for five straight weeks.
Why Gold Prices Are Rising
MCX gold has risen for the fifth consecutive week. The US dollar has fallen to a three-month low. Investors are shifting their focus to gold as a safe haven. Crude oil prices rose this week on global cues. Still, the US Federal Reserve is unlikely to hike rates. This environment has supported the gold rally.
Silver Jumps ₹10,673
Silver prices are also witnessing a strong surge. On Friday, silver jumped ₹10,673 per kilogram. The precious metal reached ₹248,124 per kilogram. Buyers are now watching the next resistance levels closely.
Expert Outlook for Gold
Enrich Money CEO Ponmudi R shared his outlook on gold. The ₹162,500 to ₹163,000 zone is a major resistance area. If gold manages to cross ₹163,000, it could touch ₹165,000. Traders are treating these levels as key triggers.
Gold Gains ₹8,000 in One Week
MCX gold rose ₹8,000 per 10 grams in the past week. The rate now stands at ₹162,438. In August, gold has gained 13.30 percent or ₹19,000 per 10 grams. In 2026 so far, gold is up 20 percent. The metal has recovered most of its recent losses.
Gold Nears Record High
Prices are now approaching the record high of ₹180,779 per 10 grams. Gold remains 10 percent below its all-time peak. At the start of the month, it was 21 percent cheaper. The gap with the record level is narrowing fast.
Dollar at Three-Month Low
The dollar has been declining steadily for weeks. It is currently near a three-month low. Last Wednesday, prices fell sharply in global markets. The US Treasury plans to move ahead with a buyback scheme. This would increase pressure on the dollar. That will be favorable for the gold rally.
