Gold Price Jumps Ahead of Raksha Bandhan, Could Touch ₹1.70 Lakh by Year-End

Gold prices have climbed sharply ahead of the Raksha Bandhan festive season, making jewellery purchases more expensive for consumers. On Monday, August 24, the reported price of 24-carat gold rose by ₹1,983 per 10 grams, taking the precious metal to around ₹1.63 lakh per 10 grams.

Silver, however, moved in the opposite direction during the session. The price of one kilogram of silver declined marginally by ₹297 to around ₹2.46 lakh.

Despite Monday's small decline, silver has also recorded a strong rise during August. Both precious metals have become considerably more expensive since the beginning of 2026, and the sharp movement in bullion prices is likely to remain an important factor for consumers planning jewellery purchases during the upcoming festive period.

The report also suggests that gold could potentially approach ₹1.70 lakh per 10 grams by the end of 2026. However, such a level should be viewed as a market projection rather than a guaranteed price target, as bullion rates can move in either direction depending on domestic and global factors.

Gold Price Rises by ₹1,983 in a Day

According to the prices cited in the report, 24-carat gold became ₹1,983 costlier per 10 grams on Monday.

Following the increase, the price reached approximately ₹1.63 lakh per 10 grams.

The latest jump comes at a time when demand for gold jewellery typically receives attention ahead of festivals. Raksha Bandhan and the subsequent festive and wedding seasons can influence retail buying interest in the Indian bullion market.

For buyers, however, the rapid increase means that purchasing the same quantity of gold now requires a significantly larger budget compared with the beginning of the year.

Retail jewellery prices may also differ from headline bullion rates because the final amount paid by customers can include GST, making charges and other applicable costs.

Silver Slips Slightly to ₹2.46 Lakh Per Kg

While gold moved higher, silver recorded a modest decline on Monday.

The price of one kilogram of silver reportedly fell by ₹297, bringing the rate to approximately ₹2.46 lakh per kg.

The one-day decline, however, is relatively small compared with the increase silver has registered during August.

According to the report, silver has become around ₹28,000 per kg more expensive during the first 24 days of the month.

This means buyers tracking silver for jewellery, utensils or investment purposes have also seen a substantial increase in prices over a relatively short period.

Gold Reportedly Gains ₹20,000 in 24 Days

August has been particularly strong for precious metals.

Gold has reportedly gained approximately ₹20,000 per 10 grams during the first 24 days of August, highlighting the pace of the recent rally.

Silver, meanwhile, has risen by about ₹28,000 per kilogram over the same period despite Monday's minor correction.

Such rapid price movements can significantly affect purchasing decisions. Some buyers may accelerate purchases because they fear prices could rise further, while others may prefer to wait for a possible correction.

Predicting short-term bullion prices remains difficult because several international and domestic factors can influence the market simultaneously.

Gold Has Become Around ₹30,000 Costlier in 2026

The longer-term movement in gold prices is even more striking.

According to the figures given in the report, 24-carat gold was trading at approximately ₹1.33 lakh per 10 grams on December 31, 2025.

With the price now around ₹1.63 lakh, gold has gained roughly ₹30,000 per 10 grams in 2026 so far.

That represents a substantial increase in less than eight months and illustrates why gold prices are receiving close attention from both investors and households.

Silver has also moved higher compared with the end of last year.

The report places silver at around ₹2.30 lakh per kilogram on December 31, 2025. At approximately ₹2.46 lakh now, the metal remains significantly above its year-end level despite occasional daily declines.

Can Gold Reach ₹1.70 Lakh by the End of 2026?

The report suggests that gold could rise to as much as ₹1.70 lakh per 10 grams by the end of the year.

From the reported current level of around ₹1.63 lakh, that would require another increase of approximately ₹7,000 per 10 grams.

Whether gold reaches that level will depend on several factors. International bullion prices, movements in the rupee against the US dollar, interest-rate expectations, inflation, geopolitical uncertainty, investment demand and domestic festive buying can all influence Indian gold rates.

For this reason, ₹1.70 lakh should not be treated as a certain year-end price.

Bullion markets can be volatile, and prices may rise or fall substantially as economic conditions change.

What Buyers Should Keep in Mind Before Purchasing Gold

Consumers planning to buy gold around Raksha Bandhan should compare prices across trusted jewellers and understand the difference between bullion rates and the final jewellery bill.

Purity is another important consideration. The price of 24-carat gold is different from 22-carat or 18-carat gold, which are commonly used for different types of jewellery.

Buyers should also check hallmarking and obtain a proper invoice showing purity, weight, making charges, taxes and other applicable costs.

Those purchasing gold primarily as an investment should avoid making decisions solely on predictions that prices will continue rising. Past price increases do not guarantee similar returns in the future.

With gold already showing a sharp rise in 2026 and the festive season approaching, bullion prices are likely to remain closely watched. For consumers, the key will be balancing their purchase requirements with the possibility of continued price volatility in the months ahead.