Gold Prices Break Records on MCX
First up, let’s talk about the Multi Commodity Exchange (MCX), where gold prices have been stealing the show. On August 8, 2025, 24-karat gold for the October 3 expiry hit an all-time high of ₹1,02,250 per 10 grams.
That’s a jaw-dropping jump of ₹1,744 from August 1, when it was trading at ₹99,754. By the end of the week, it settled at ₹1,01,498 still way up there! Honestly, seeing these numbers makes me wish I’d bought a few grams last month. Anyone else feeling that FOMO?
The volatility was real, though. Prices bounced around, but the overall trend? Up, up, and away. If you’re trading gold futures, this week was probably a wild ride. For the rest of us, it’s a signal to keep a close eye on the market before making a move.
Domestic Market: Gold Rates Shine Bright
It’s not just the MCX local markets across India are seeing the same gold rush. According to the Indian Bullion and Jewellers Association (IBJA), 24-karat gold (999 purity) closed at ₹98,253 per 10 grams on August 1 but surged to ₹1,00,942 by August 8. That’s a hefty increase of ₹2,689 in just one week! Here’s a quick breakdown of gold prices by purity on August 8, 2025, per 10 grams:
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24 Karat : ₹1,00,942
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22 Karat : ₹98,520
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20 Karat : ₹89,840
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18 Karat : ₹81,760
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14 Karat : ₹65,110
A quick heads-up: these prices don’t include the 3% GST or making charges, which can bump up the cost depending on where you shop. For example, if you’re in Mumbai or Chennai, making charges might vary based on the jeweler’s craftsmanship.
Why Are Gold Prices So High?
So, what’s driving this gold frenzy? A mix of global factors like a weaker US dollar, geopolitical tensions, and central banks hoarding gold like it’s the last slice of pizza. Plus, in India, gold’s always been a big deal think weddings, festivals, and that “safe investment” vibe. With prices climbing, it’s no surprise people are rushing to jewelry stores or checking their trading apps.
But here’s the thing: high prices don’t mean you should hold off. Gold’s a hedge against inflation, and with the way things are going, it might keep climbing. That said, I’m no financial guru just someone who loves shiny things and watches the market like a hawk.
How to Check Gold Purity Before Buying
Before you head to the jewelry store, let’s talk about making sure you’re getting the real deal. Gold purity is key, especially if you’re dropping serious cash. Most gold jewelry in India uses 22-karat gold (91.6% pure), but you’ll want to check the hallmark to confirm. Here’s what to look for:
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24 Karat (999) : Pure gold, used for coins or bars.
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23 Karat (958) : Rare, but still super pure.
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22 Karat (916) : Common for jewelry, durable yet valuable.
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21 Karat (875) : Less common, but still legit.
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18 Karat (750) : Often used for diamond-studded pieces.
Should You Buy Gold Now?
With prices hitting ₹1,00,000+ for 10 grams of 24-karat gold, it’s tempting to wait for a dip. But here’s the catch: gold prices are influenced by global markets, exchange rates, and local demand, so predicting a drop is tricky.
If you’re buying for investment, gold bars or coins might save you on making charges. For jewelry, shop around some jewelers have lower fees than others.