Gold and silver prices moved higher on Wednesday, August 5, as investors tracked the latest signals from the Reserve Bank of India (RBI), global interest-rate expectations and geopolitical developments. On the Multi Commodity Exchange (MCX), gold was trading 0.71% higher at ₹1,45,310 per 10 grams, while MCX silver futures gained 1.08% to ₹2,24,520 per kg.
The rise in domestic bullion prices came alongside a supportive global backdrop. Spot gold was holding around $4,100 an ounce, while spot silver moved close to $61 an ounce. Investors were also watching developments around the United States and Iran, particularly reports of progress towards reopening the Strait of Hormuz.
The geopolitical developments have also had an impact on crude oil prices. Brent crude fell below $79 a barrel after signals emerged that US-Iran discussions could make progress. Lower oil prices can ease concerns about inflation, which in turn can influence expectations about interest rates and the appeal of precious metals.
Another important domestic factor was the RBI’s latest monetary policy decision. The central bank kept the repo rate unchanged at 5.25% on Wednesday after its three-day Monetary Policy Committee meeting. The decision was closely watched by markets because interest-rate expectations can influence investment flows into gold and other assets.
Gold does not generate regular interest income, so expectations of lower or stable interest rates can make the metal relatively more attractive to investors. At the same time, movements in the US dollar and the Indian rupee remain important for domestic gold prices.
The dollar index was down about 0.10% at 99.77, according to the latest market update. A softer dollar can support international gold prices because bullion priced in the US currency becomes relatively cheaper for buyers using other currencies.
Retail gold rates also remained elevated across major Indian markets. In New Delhi, 24-carat gold was priced at ₹1,44,780 per 10 grams, while 22-carat gold stood at ₹1,32,315. Mumbai recorded 24-carat gold at ₹1,44,950 and 22-carat gold at ₹1,32,871 per 10 grams.
In Bengaluru, 24-carat gold was available at around ₹1,45,060 per 10 grams, while the 22-carat rate was ₹1,32,972. Kolkata reported 24-carat gold at ₹1,44,760 and 22-carat gold at ₹1,32,697 per 10 grams.
Hyderabad remained among the cities with relatively higher retail gold prices. The 24-carat rate stood at ₹1,45,180 per 10 grams, while 22-carat gold was priced at ₹1,33,082. Chennai recorded one of the highest rates, with 24-carat gold at ₹1,45,370 per 10 grams and 22-carat gold at ₹1,33,256.
Silver prices were also firm. Retail 999-fine silver was quoted at ₹2,23,723 per kg in New Delhi, ₹2,23,923 in Mumbai and ₹2,24,110 in Bengaluru. Chennai recorded a rate of ₹2,24,580 per kg.
In Chennai, the rise was particularly noticeable in the retail market. The price of 22-carat gold increased by ₹160 per gram, taking the rate to ₹13,360 per gram. On a sovereign basis, the price rose by ₹1,280 to ₹1,06,880.
Silver also became costlier in Chennai. The rate increased by ₹5 per gram to ₹240, taking the price to ₹2,40,000 per kg. On August 4, silver was priced at ₹235 per gram.
The latest Chennai gold price is also significantly higher than a year ago. On August 5, 2025, 22-carat gold was priced at ₹9,370 per gram, compared with ₹13,360 per gram on August 5, 2026. That represents an increase of roughly 42.6% over the year.
For consumers, the difference between MCX gold prices and retail gold rates is important. MCX prices reflect futures contracts, while jewellery prices can vary depending on purity, local taxes, GST, jeweller margins and making charges. Buyers therefore may pay more than the quoted bullion rate.
Market participants are now turning their attention to upcoming US economic data, particularly employment figures, for clues about the Federal Reserve’s next policy moves. US labour-market data can influence expectations for interest rates, the dollar and, consequently, global gold prices.
For Indian investors, the movement of the rupee against the US dollar will also remain important. A weaker rupee can make imported gold more expensive domestically, even when international gold prices remain steady.
For now, both gold price today and silver price today remain firmly in focus. With MCX gold holding above ₹1.45 lakh per 10 grams and MCX silver above ₹2.24 lakh per kg, investors and consumers will be watching global bullion prices, crude oil, currency movements, central-bank policy and geopolitical developments for the next major move.