Gold prices extended gains on Thursday, with MCX gold futures reaching ₹1,51,985 per 10 gram and touching a high of ₹1,52,000 during the session. The precious metal opened higher at ₹1,49,029 per 10 gram, up ₹536 from the previous close of ₹1,48,493, according to Business Standard. In the international market, gold was trading near $4,350 per ounce on Comex, with the benchmark October contract opening at $4,307 per ounce. Gold futures had touched their highest level of the year at ₹1,80,779 on MCX, while international prices reached $5,586.20 per ounce, reflecting strong momentum across global markets. The rally comes as easing geopolitical tensions in West Asia raised expectations that the Federal Reserve may defer further interest rate increases, creating a supportive environment for precious metals.
A proposed deal between Iran and Oman to help end five months of war between Iran and the United States would give Tehran control over ships entering the Gulf through the Strait of Hormuz, according to a senior Iranian source and two regional officials told Reuters. This development represents one of the biggest concessions yet to Iran and has added positive momentum to gold prices. Growing Iran optimism has seen market expectations for a September U.S. rate hike ease to 55% from 67% two days earlier, as the reopening of this critical shipping route would reduce geopolitical tensions in the region. US President Donald Trump vowed to ink an agreement with Iran, adding further credibility to the peace deal prospects. Oil prices declined on Thursday as investors weighed the possibility of a US-Iran peace deal following progress in Iran-Oman talks, which could lead to the reopening of the Strait of Hormuz. Brent crude futures fell 37 cents, or 0.5%, to $79.08 a barrel, while WTI crude futures declined 53 cents, or 0.7%, to $74.69 a barrel, reflecting easing concerns over potential supply disruptions. As per IG market analyst Tony Sycamore, the sharp rally came on building optimism that a diplomatic breakthrough in the Middle East is close to being finalised, which would keep downside pressure on oil prices and reduce the need for central banks to raise rates, providing a clear tailwind for gold.
Gold prices in India continued their blistering rally on Thursday, August 6, 2026, extending gains for the second consecutive session with domestic bullion rates recording one of the strongest two-day rallies in recent weeks. Over the past two trading sessions, the price of 24 Karat gold has surged by ₹57,300 per 100 grams, driven by firm global bullion prices and renewed safe-haven demand. On Thursday, 24 Karat gold rose by ₹289 per gram to ₹14,973, while 22 Karat gold climbed to ₹13,725 per gram, according to Goodreturns. Silver prices remained unchanged at ₹2.40 lakh per kilogram during the session. Since there is no movement in gold prices on August 9th, 22-carat gold rates in India are currently steady at ₹1,39,650 per 10 grams, while the 24-carat gold rates are at ₹1,52,350 per 10 grams, with 18-carat gold rates stable at ₹1,14,260 per 10 grams. 100 grams of 24-carat gold are now priced at ₹15,23,500, while 22-carat gold today costs ₹13,96,500, as per Goodreturns. The rally in domestic gold prices mirrored gains in the international market, where spot gold climbed to its highest level in seven weeks, supported by a weaker US dollar and softer US Treasury yields.
The ADP National Employment Report showed that US private payrolls increased by 44,000 jobs in July, well below expectations, following a downwardly revised gain of 95,000 jobs in June. This softer labour market reading reinforced expectations that the Federal Reserve may adopt a less hawkish stance, reducing the likelihood of higher interest rates and lending further support to gold prices. Federal Reserve Governor Lisa Cook said she is open to the idea that the central bank may need to raise its short-term interest rate target to deal with "too high" levels of inflation in the U.S. economy, adding to policy uncertainty. The Fed left interest rates unchanged within the 3.50%-3.75% range at its July meeting, with the US central bank not appearing to be in a hurry to raise borrowing costs. The Fed is leaning on tighter financial conditions as a substitute for rate increases, with nominal and real Treasury yields rising sharply since June, but this approach creates uncertainty about policy credibility. The yield on benchmark U.S. 10-year notes fell and the U.S. dollar index was also under pressure, with a weaker U.S. currency making dollar-priced commodities cheaper for other currency holders. Spot gold prices rose to above $4,350 per ounce on Friday, the highest in two months as lower energy prices and softening labor conditions limited expectations that the Federal Reserve would deliver a rate hike this year, according to Trading Economics.
Precious metals witnessed a considerable rally last week, with gold surging 7.3% and silver gaining 10.3%, according to The Hindu BusinessLine. In the domestic market, gold futures were up 5.9% and silver futures gained 6.6%. MCX-Gold (₹1,51,985) has broken out of resistance at ₹1,47,000 and is now above both 21- and 50-day moving averages, with the short-term outlook appearing positive. On the upside, gold could rise to ₹1,55,000, but might see a minor correction to ₹1,49,000 before the uptick. Trade strategy: Buy on a dip to ₹1,49,000 with target at ₹1,55,000 and stop-loss at ₹1,46,000. MCX-Silver (₹2,31,804) has rebounded from support at ₹2,14,000 and surpassed the hurdle at ₹2,27,000, with a barrier ahead at ₹2,38,000. A breakout above ₹2,38,000 will clear the way for a sustainable rally toward ₹2,59,000, while support remains at ₹2,27,000. Trade strategy: Go long if the price dips to ₹2,27,000 with target at ₹2,50,000 and stop-loss at ₹2,19,000. Technically, if Gold sustains above $4,200 (~ ₹1,46,000), it may fuel a rally toward $4,500 (~ ₹1,55,000), while for Silver, a decisive push above $63 (~ ₹2,30,000) could drive prices toward $70-71 (~ ₹2,50,000-2,55,000), according to IBJA President Prithviraj Kothari. Gold futures at the Multi-Commodity Exchange closed the week with gains, with gold futures expected to mature on October 5th currently ending at ₹1,51,985, gaining 0.11% per 10 grams, while silver futures slated to mature on September 4th gained 0.15% to trade at ₹2,31,804, as per Goodreturns.
