Gold Rate Today: Prices Soar to ₹75,760 Per Sovereign, Jewelry Buyers Shocked

The gold market in India witnessed a dramatic surge today, August 29, as prices soared to ₹75,760 per sovereign, marking a major shock for jewelry buyers. The sudden increase has left many stunned, especially after a brief period of steady decline. For over 10 days in August, gold prices had been falling consistently, providing some relief to jewelers and consumers alike. However, the past four days have reversed the trend, pushing gold to record-breaking highs once again. Analysts suggest that global market volatility, inflation concerns, and shifting investor sentiment are driving the sharp rally in precious metals.

Gold Prices in August 2025: From Decline to New Highs

On August 6, gold had already touched the ₹75,000 per sovereign mark, creating a buzz among traders and customers. Two days later, on August 8, it scaled an all-time high of ₹75,760 per sovereign, only to decline steadily in the days that followed. The downward streak lasted for more than 10 days, making it the longest continuous fall in recent memory. This decline gave hope to jewelry buyers planning weddings and festive purchases. However, the latest reversal has once again tightened budgets, especially for middle-class families who closely track gold rates before making investments.

Gold Rate Today, August 29: 22K, 18K & Silver Prices

On August 28, the price of 22-karat gold rose by ₹15 per gram, selling at ₹9,405 per gram, while a sovereign stood at ₹75,240. Today, August 29, gold continued its upward journey, with 22K gold rising by ₹65 per gram, making it ₹9,470 per gram. A sovereign of 22K gold has now reached ₹75,760. Similarly, 18-karat gold prices have increased by ₹55 per gram, standing at ₹7,830 per gram, while a sovereign of 18K gold is priced at ₹62,640.

Silver too has joined the rally, climbing by ₹1 per gram to ₹131. The price per kilogram of silver is now at ₹1,31,000, further burdening households preparing for weddings and festivals. Traders point out that the demand for silver in industrial production and jewelry continues to remain strong, fueling the price surge. With both gold and silver on the rise, experts caution that the coming festive season could be one of the costliest in recent years for Indian families.

Why Are Gold Prices Rising Again?

The sudden rally in gold prices is being attributed to a combination of global economic uncertainty, fluctuations in the US dollar, and investor appetite for safe-haven assets. With inflationary pressures building up and geopolitical tensions making headlines, investors are parking their money in gold, driving up demand. Domestic factors such as the upcoming festive and wedding season are also contributing to higher demand, pushing prices upward. Jewelers expect that unless there is a major global market correction, prices could remain elevated in the weeks ahead.