Gold prices in India show mixed movements Aug 27-28

Gold prices in India experienced mixed movements on August 27 and 28, with retail rates declining on Thursday before futures edged higher on Friday, supported by safe-haven demand amid ongoing geopolitical uncertainty. The fluctuations reflect a tug-of-war between domestic spot market weakness and international market strength. On August 27, gold prices in India saw a notable decline in retail benchmarks. According to market data, 24-karat gold dropped by 77 rupees per gram to 16,298 rupees, while 22-karat gold fell 70 rupees to 14,940 rupees per gram. On a 10-gram basis, this placed 24-karat gold at 1,62,980 rupees and 22-karat at 1,49,400 rupees. Analysts attributed the decline to weaker spot demand following a sharp rally earlier in the week. The fall came despite international gold futures edging up 0.23 percent to 4,601.64 US dollars per ounce in New York. However, the Multi Commodity Exchange (MCX) gold futures told a different story on the same day. The October contract traded at 1,60,751 rupees per 10 grams around 9:05 a.m. IST, representing a gain of nearly 0.7 percent.