Gold Price Today: MCX Gold Surges Above ₹1.49 Lakh; 24K Gold Reaches ₹1,49,730 as Brent Crude Slips to $79.32

Gold price in India crossed ₹1.49 lakh per 10 grams on Thursday, August 6, 2026. 24-karat gold reached ₹1,49,730, up from ₹1,44,220 recorded on August 1. This rally tracks global bullion strength, as spot gold hit a seven-week high. Brent crude moved in the opposite direction, slipping to $79.32 per barrel the same day.

Gold Price Today: MCX Futures and Domestic Rates

MCX gold futures traded higher on Thursday, tracking strong momentum in international bullion markets. Domestic 24K gold (NYSE: GOLD) rates now sit at their highest level so far this month.

• 24K gold: ₹14,973 per gram, or ₹1,49,730 per 10 grams
• 22K gold: ₹13,725 per gram, up ₹265 from the previous session
• 18K gold: ₹11,230 per gram, up ₹217 day-on-day

Chennai recorded India’s highest 24K gold price at ₹15,000 per gram on Thursday. Mumbai, Kolkata, Bengaluru, and Hyderabad all quoted a slightly lower ₹14,973 per gram.

Gold finally punched through and closed above $4,200/oz.

We could see a quick retest of that level in the coming sessions. If it holds, a clean move toward the $4,500 area looks very much in play.

Momentum is building. Let’s see if the bulls can keep control.#Gold https://t.co/rTByPbhsCu pic.twitter.com/2W8p1EPfYA

— Fthegurus (@fthegurus) August 6, 2026

What’s Driving Gold Price Higher This Week

Global spot gold rose 0.2% to $4,254.98 per ounce, its highest level in seven weeks. US gold futures climbed further, reaching $4,312.80 per ounce during Thursday’s session. A weaker US dollar continues supporting this broader safe-haven rally across bullion markets.

Fed Rate Cut Bets Boost Bullion Demand

Market-implied odds of a September Federal Reserve rate hike fell from 67% to 55% this week. Lower rate hike expectations typically boost demand for non-yielding assets like gold. Investors now await upcoming US labor market data for further policy direction.

• Gold’s August low: ₹14,400 per gram, recorded on August 4
• Gold’s August gain: 3.82% since August 1’s ₹14,422 level
• Silver price: ₹240 per gram, or ₹2,40,000 per kilogram, unchanged

Brent Crude Slips as Oil Prices Diverge from Gold

Brent crude fell to $79.32 per barrel Thursday, extending recent losses from earlier in the week. This decline followed growing optimism around a potential Strait of Hormuz reopening deal. That contrasts sharply with gold’s steady climb toward multi-week highs this period.

• Brent’s one-month change: up over 10%, despite Thursday’s pullback
• Brent’s 52-week high: $120.88, recorded April 30, 2026
• Brent’s 52-week low: $58.66, recorded December 16, 2025

Energy-linked equities like Reliance Industries and ONGC often track these Brent crude price shifts closely. Gold-focused investors, meanwhile, continue watching Strait of Hormuz diplomacy for broader market direction.

Market Outlook

Thursday’s divergence between rising gold prices and falling Brent crude reflects shifting risk sentiment this week. Easing Fed rate hike expectations continue supporting bullion demand, while oil markets price in reduced supply-disruption risk. Analysts expect gold to stay range-bound near current levels until fresh US labor data arrives. Investors should track both Federal Reserve signals and Hormuz negotiations for near-term price cues.

Disclaimer:

The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.