Gold prices have once again gained momentum. So far in August, MCX gold has become costlier by around ₹ 19,000 per 10 grams. In the last one week alone, it has increased by about ₹ 8,000. On August 22, the price of gold on MCX reached the level of ₹ 1,62,438 per 10 grams.

Not only gold, but silver is also running fast. On August 22, silver jumped by ₹10,673 per kg to reach ₹2,48,124. According to market data, on August 21, the September silver contract was recorded at around ₹ 2,46,597 per kg. The bullion market remains closed on Saturday and Sunday, hence the prices of gold and silver on both days are valid as on Friday.

Why are gold prices increasing so much?

The biggest reason behind this fast rise of gold is considered to be the weakening US dollar. The dollar is currently trading around a three-month low. Whenever the dollar weakens, gold generally becomes more attractive to buyers from other countries around the world. Due to this, a strong increase in the purchase of gold can be seen in the international and domestic markets.

Along with this, the possibility of further increase in interest rates by the US Federal Reserve is considered quite low. Despite the rise in crude oil prices this week, this expectation remains in the market. If the US Treasury's old government bond buyback plan goes ahead, the pressure on the dollar may increase further, which is an extremely positive sign for gold prices.

Big jump of ₹19,000 in a month

So far in the month of August, the price of gold has increased by about 13.30 percent i.e. ₹ 19,000 per 10 grams. At the same time, so far in the year 2026, an overall increase of about 20 percent has been recorded in gold. This recent surge has largely compensated for the losses caused by the previous decline.

Gold now seems to be reaching its record level of ₹ 1,80,779 per 10 grams. The current price is only about 10 percent below this all-time high, whereas at the beginning of the month this difference was about 21 percent. That means, in just a few weeks, gold has made a rapid comeback towards its record high.

Today's Gold Rate: Know the prices of 24K, 22K and 18K in your city.

The latest gold rates today in major cities of the country are as follows:

Can gold go up to ₹1.65 lakh?

According to Ponmudi R, CEO of Enrich Money, currently the level of ₹1,62,500 to ₹1,63,000 remains a key resistance for gold. He said that if the prices hold strongly around ₹1,63,000 and surpass this level, the next target can easily be near ₹1,65,000. Many market experts also believe that sustaining above ₹ 1.63 lakh will determine further further gains.

In such a situation, the situation is completely clear for middle class and common buyers. If you are planning to get married, invest or buy jewellery, then before going to the market, definitely check the latest rates of your city. However, in this bullish environment, avoid taking hasty investment decisions just by looking at the prices.