Gold prices Rally and the Momentum for Next Week. Over the past week, the gold price experienced a notable surge, closing near a high of ₹1,02,250 per 10 grams on the MCX, setting a new all-time record. The surge was strongly influenced by global economic uncertainty, geopolitical tensions, and a tariff announcement by the US government, which spurred investor interest in this traditional safe-haven asset.
Recent technical indicators show that gold continues to trend upward, with strong support levels around ₹99,478 and ₹97,960, and resistance firmly positioned near ₹102,250 and ₹104,000. On the international front, COMEX gold recently traded at around $3,398 per ounce, with spot prices hovering above $3,390. Despite minor corrections, momentum remains moderately bullish heading into the next week.
Why Are Gold Prices Climbing?
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Safe-Haven Demand: With economic data from the US indicating weakening momentum and the dollar softening, gold has gained favor as a low-risk asset.
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Rising Central Bank Reserves: Central banks globally have been increasing their gold holdings, tightening supply.
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Seasonal Indian Demand: Festivals and wedding seasons in India typically boost physical gold buying, supporting prices.
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Geopolitical Tension: The impact of trade tariffs and ongoing uncertainty drives more investors toward gold.
Expert Predictions for the Next Week
Analysts foresee gold prices remaining in a bullish-to-moderately-bullish phase. While short-term corrections can occur, the overall outlook is positive, especially if US inflation and unemployment data remain on the weaker side.
Here’s a snapshot of key technical levels for the coming week:
Gold Price Scheme (Support/Resistance Table)
| Support | Resistance |
|---|---|
| ₹ 99,478 | ₹ 102,250 |
| ₹ 97,960 | ₹ 104,000 |
Note: Current Market Price (CMP) is around ₹ 1,01,498.
Citywise Gold Prices (August 8, 2025)
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Delhi: 24K – ₹1,03,460 | 22K – ₹94,850 (per 10g)
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Mumbai/Kolkata/Chennai: 24K – ₹1,03,310 | 22K – ₹94,700 (per 10g)
Silver prices are also strong, with rates above ₹1,17,000 per kg in most metropolitan cities.
What Should Investors Watch Out For?
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US Inflation Data & Fed Policy: Any surprises in next week’s data could influence global trends.
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Technical Breakouts: If prices cross the ₹104,000 resistance, new record highs are likely.
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Physical Demand: Continued strong buying in India or China could further tighten supplies.
Despite minor pullbacks last week, historical patterns and current indicators point to resilience, with the potential for gold to either test or even breach its recent highs if macro headwinds persist.
FAQs
Q1: Will gold prices definitely reach a record next week?
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Record levels depend on global cues, but the trend and support remain strong for further gains.
Q2: What could cause a reversal in gold prices?
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Unexpectedly strong US economic data or easing political tensions are major downside triggers.
Q3: Is silver also expected to rise?
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Yes, silver price trends usually mirror gold, and rates have crossed ₹1,17,000 per kg recently.
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