Gold hits ₹1.64 lakh per 10g in Delhi, raising pressure on jewellery retail demand

Gold rose ₹1,200 to ₹1,63,500 per 10 grams and silver gained ₹5,000 to ₹2.5 lakh per kg in New Delhi. The multi-month highs, driven by a weaker dollar and safe-haven buying, could lift jeweller inventory costs and temper discretionary purchases.

— Source published Fri, 21 Aug, 2026, 23:35 IST · First seen Sat, 22 Aug, 2026, 00:19 IST · Source NDTV Profit

What happened

Gold and silver prices in New Delhi hit multi-month highs as a weak US dollar, lower Treasury yields and safe-haven demand lifted bullion. The sharp rise may

Key facts

  • Gold: Rs 1,63,500 per 10 grams, up Rs 1,200
  • Silver: Rs 2,50,000 per kg, up Rs 5,000
  • Gold gained more than 4% this week
  • Spot gold: USD 4,600.91 per ounce, up 2%
  • Spot silver: USD 69.87 per ounce, up nearly 3%

Why this matters

Elevated gold prices increase the appeal of acquiring or partnering with asset-light, design-led and digitally enabled jewellers that can grow without carrying disproportionate bullion inventory.

What to watch

  • Whether domestic gold stays above roughly ₹1.6 lakh per 10g for several weeks versus quickly retracing.
  • Wedding-season footfall, average grams per invoice, old-gold exchange mix and cancellation/booking conversion trends.
  • Rupee movement and international gold prices, which determine whether local prices remain elevated despite any global pullback.
  • Jeweller commentary on same-store sales: value growth versus volume growth, inventory days and gross-margin guidance.
  • Changes in import duty, hallmarking rules, financing regulations or RBI measures affecting gold loans and consumer liquidity.
  • Silver-price persistence, which could further pressure silver jewellery, gifting and wholesale demand.
  • Increase emphasis on lightweight, 18K/14K and studded designs to preserve affordability at headline-high gold rates.
  • Expand old-gold exchange, recycling and transparent rate-lock programs to convert customer-held gold into sales and reduce fresh-metal procurement needs.
  • Tighten inventory turns and hedge gold-price exposure; avoid overstocking high-weight plain-gold SKUs at elevated replacement costs.
  • Use EMI, deferred-payment and wedding-purchase plans selectively, balancing conversion support against financing and margin costs.
  • Recalibrate promotional messaging from absolute price discounts toward making-charge offers, exchange bonuses and craftsmanship/value propositions.