Gold and silver prices witnessed a significant surge on Friday, driven by shifting global market sentiments. The rally comes as investors scaled back expectations of future US Federal Reserve interest rate hikes following softer-than-expected U.S. nonfarm payrolls data. This cooling economic indicator has put global gold on track for its first weekly gain in five weeks.
On the Multi Commodity Exchange (MCX), gold futures for August 2026 delivery jumped 1.31% to trade at ₹1,47,668 per 10 grams. Silver experienced an even sharper surge, with MCX silver futures for July 2026 delivery gaining 1.63% to trade at ₹2,37,102 per kg. In the international market, spot gold climbed 1.4% to $4,179.94 per ounce, marking its highest trading level since June 23.
City-Wise Gold Rates Today (Per 10 Grams)
The domestic retail market reflected this upward global momentum. Here are the 22K and 24K gold rates across major Indian cities:
| City | 22K Gold (Per 10gm) | 24K Gold (Per 10gm) |
| Delhi | ₹1,34,850 | ₹1,47,150 |
| Jaipur | ₹1,34,850 | ₹1,47,150 |
| Ahmedabad | ₹1,34,800 | ₹1,47,050 |
| Mumbai | ₹1,34,750 | ₹1,47,000 |
| Pune | ₹1,34,750 | ₹1,47,000 |
| Hyderabad | ₹1,34,750 | ₹1,47,000 |
| Chennai | ₹1,34,750 | ₹1,47,000 |
| Bengaluru | ₹1,34,750 | ₹1,47,000 |
| Kolkata | ₹1,34,750 | ₹1,47,000 |
Market Drivers Behind the Surge
The primary catalyst for the bullion rally was the latest US labor report. Nonfarm payrolls increased by only 57,000 jobs last month, falling significantly short of the 110,000 additions forecasted by economists.
Consequently, the CME FedWatch Tool indicated that traders dropped the probability of a September Fed rate hike to 54%, down from 66% prior to the data release. Because higher interest rates make non-yielding assets less appealing, the prospect of paused or dialed-back hikes naturally boosts the appeal of gold and silver. Additionally, a softening US dollar made greenback-priced bullion more affordable for international buyers holding other currencies.