Gold, silver rates today: Precious metals extend decline amid market volatility; check 24K and 22K gold rates - Upstox

AI desk brief

Gold and silver stayed under pressure in India on Monday as the global backdrop turned more hawkish: stronger US dollar, elevated Treasury yields and rising expectations of a September Fed rate hike after comments from Fed Chair Kevin Warsh sparked a Friday sell-off. MCX October gold was quoted around ₹1,56,400/10g, down about 1.7%, while December silver was near ₹2,42,670/kg, down roughly 2.1%.

IBJA’s physical market report for August 28 put 999 gold at ₹1,58,386/10g, 916 gold at ₹1,45,082/10g and 999 silver at ₹2,39,500/kg, excluding GST. Retail rates were broadly flat at the top end: Tanishq’s 24K rate was ₹15,873/g, or ₹1,58,730/10g, unchanged versus the prior two days, while its 22K rate was ₹14,550/g. Joyalukkas and Malabar both showed 22K around ₹14,505/g, with 24K near ₹15,824-₹15,873/g.

The medium-term demand case remains constructive, according to Tata Mutual Fund’s August 2026 outlook, which cites central-bank buying, geopolitical uncertainty and diversification as supports for gold. On silver, the fund sees electronics, renewables and AI-related industrial demand as a long-term positive, but warns volatility could keep prices range-bound near term; it recommends a staggered approach and a 70:30 gold/silver allocation.

Near term, the key risk is further Fed tightening expectations and any extension of the dollar/yields move, which would keep pressure on bullion and could drag Indian retail/futures rates lower. A reversal in US rates pricing or renewed geopolitical stress would be the main catalysts for a tactical rebound.