Gold climbs to Rs 1.54 lakh/10g in Delhi; silver flat, Hyderabad sees surge

Gold prices extended their upward march for a fourth straight session on Saturday, with the yellow metal touching Rs 1.54 lakh per 10 grams in the national capital. The surge was mirrored in Hyderabad, where bullion markets reported a notable spike in both gold and silver rates on August 8.

Hyderabad leads the charge

Traders in Hyderabad reported buying interest across all carat categories, with 24-carat gold moving sharply higher. The southern city, one of the country's key gold trading hubs, saw rates climb in tandem with the national trend, though the pace of increase was more pronounced locally.

Silver, which had been lagging gold's rally, also caught up in Hyderabad. The white metal surged Rs 2,100 in several markets, giving investors a reason to cheer after weeks of subdued movement.

Futures market signals strength

On the commodity exchanges, gold futures hit Rs 1.50 lakh, reinforcing the bullish sentiment that has gripped bullion traders. The futures curve suggests market participants are betting on further upside, driven by global cues and domestic demand.

The sustained rally has pushed gold to a seven-week high of Rs 1.53 lakh per 10 grams in spot markets, with Delhi quoting even higher at Rs 1.54 lakh. Analysts attribute the momentum to a weakening dollar and persistent geopolitical uncertainties that typically drive safe-haven buying.

City-wise price trends on August 8

Across major Indian cities, the price movement remained broadly uniform, though minor variations persisted due to local taxes and transportation costs.

• Delhi: Rs 1.54 lakh per 10g (24-carat)
• Hyderabad: Surge reported across all carats
• Mumbai, Chennai, Kolkata: Followed the upward trend with marginal differences

For 22-carat and 18-carat variants, buyers in most cities saw proportional increases, keeping the premium over the base rate intact. The spread between carat categories remained stable, indicating a healthy market rather than speculative distortion.

What's driving the rally

The four-day winning streak comes amid renewed global interest in bullion. International spot prices have firmed up, and Indian importers are reportedly restocking ahead of the upcoming festive and wedding seasons, a period that traditionally sees strong physical demand.

Silver's flat performance in some markets, contrasted with the sharp rally elsewhere, points to uneven speculative interest. While industrial demand for silver remains steady, retail participation has been patchy, keeping the metal's trajectory less predictable than gold's.

Jewellers in Hyderabad noted that footfalls increased over the weekend, with customers looking to lock in prices before any further escalation. However, some buyers adopted a wait-and-watch approach, anticipating a possible correction after the sharp run-up.

Outlook for the week ahead

With gold already at multi-week highs, traders will closely monitor global cues, particularly US economic data and central bank signals, for the next directional move. A breakout above current resistance levels could trigger fresh buying, while any profit-booking may pull prices back to support zones near Rs 1.50 lakh.

For now, the momentum favours the bulls, and Hyderabad's surge suggests that regional demand remains robust even as national prices scale new peaks. Market watchers will be keenly watching Monday's opening to gauge whether the rally has legs or is due for a breather.