New Delhi, August 22, 2026 (Yes Punjab News)
Gold prices gained nearly 5 per cent during the week, supported by a weaker US dollar, softer US economic data and reduced expectations of an imminent Federal Reserve rate hike, analysts said.
On Friday, MCX October gold futures ended flat, while September silver futures rose 1.28 per cent. Gold stood at Rs 1,62,440, while silver futures were quoted at Rs 2,46,360 per kg.
According to data from the India Bullion and Jewellers Association (IBJA), 24-carat gold was priced at Rs 1,58,860 per 10 grams on Friday, compared with Rs 1,54,066 at Monday’s market opening.
Analysts said softer US inflation, weaker retail activity and subdued consumer sentiment had reduced expectations of near-term monetary tightening, with markets largely pricing out a rate increase in September.
Gold also received support after the US Treasury announced plans to double its purchases of long-dated bonds, which pushed longer-term bond yields lower.
“A temporary pullback in Treasury yields following the buyback announcement, along with softness in the US dollar, created a supportive backdrop for gold and silver, while concerns over the US fiscal outlook remained in focus,” a market participant said.
Precious metals also benefited from a second consecutive weekly rise in crude oil prices amid continuing tensions in West Asia. WTI crude gained about 5.7 per cent during the week to trade above $86 a barrel following the expiry of a 60-day US-Iran negotiation window without significant progress.
Iran continued to maintain that the Strait of Hormuz would remain closed until US sanctions and other conditions were addressed, while separate discussions with Oman over management of the waterway continued.
Silver was the stronger performer among the two precious metals, climbing to a two-month high on robust industrial demand and renewed interest in bullion as a hedge against currency debasement.
Currency movements also supported domestic bullion prices. The Indian rupee weakened nearly 0.3 per cent during the week as higher crude prices increased the country’s import burden. The weaker rupee further lifted domestic gold and silver prices by raising the cost of imported bullion.
For Comex gold, analysts placed immediate resistance at $4,700-$4,730, with support at $4,570-$4,600. For MCX gold, resistance was seen at Rs 1,62,500-Rs 1,63,000, while support was placed at Rs 1,58,500-Rs 1,59,000.
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