Gold up 9.1%, silver up 14.6% in August 2026

The best month since February

Gold rose 9.09% in August 2026, from ₹1,24,564 per 10 grams to ₹1,35,882. Silver rose 14.62%, from ₹1,77,169 to ₹2,03,070 per kg. For both metals it was the strongest month since February.

All figures are the international price (the COMEX futures close) converted to rupees at each day's dollar rate, as on our gold and silver price page. Gold is for pure metal. Both are before import duty and GST.

A rise, then a fade

The month began at the lows. Gold's lowest close of August came on its first session, ₹1,23,724 on 3 August, and silver's the same day, ₹1,76,879.

From there both climbed for three weeks:

• Gold rose 3.42% on 5 August, 2.96% on 19 August and 2.68% on 21 August. It peaked at ₹1,42,790 on 24 August, its highest close since 14 May and 17.0% above its June low.
• Silver gained 4.07% on 4 August and peaked at ₹2,13,896 on 21 August, its highest close since 17 June.

The last week took some of it back. Gold fell 3.11% on 26 August and 2.81% on 28 August, and ended the month 4.8% below its 24 August high. Silver's last week swung both ways, a 3.19% fall, a 4.17% rise and a 3.47% fall on three consecutive sessions.

Fourth-best month since 2021

Our series has 59 complete months, from October 2021 to August 2026.

• Gold's 9.09% ranks fourth, behind September 2025 (+11.97%), January 2026 (+11.42%) and February 2026 (+10.02%).
• Silver's 14.62% ranks sixth, a whisker behind May 2024, which also rounds to 14.62%.

Four of gold's five largest monthly gains in the series have now come in the last twelve months. So have its two largest falls.

2026 so far

August put gold back into clearly positive territory for the year, up 8.84%. Silver is up just 0.32%, almost exactly where it started 2026.

Both are still well below their January highs: gold 13.7% below ₹1,57,381, and silver 40.0% below ₹3,38,545. Over twelve months gold is up 38.9% from ₹97,824 on 29 August 2025, and silver 79.4% from ₹1,13,209.

September began with a step back. On 1 September gold fell 2.15% to ₹1,32,962 and silver 2.69% to ₹1,97,602.

Not the rupee this time

The dollar was nearly unchanged against the rupee in August, slipping 0.32% from about ₹95.68 to ₹95.38. So August's gains were the metals' own: in dollar terms gold rose about 9.4% and silver about 15.0%, a touch more than in rupees.

Equities went the other way. The Nifty 50 fell 1.24% in August, from 24,383.60 to 24,080.40.

The gold-silver ratio fell from 70.31 to 66.91, as silver outpaced gold again. Within the month it ranged from 66.39 to 69.95.

What this does not tell you

One strong month does not undo a fall. Gold's 9.09% rise left it 13.7% below its peak; silver's 14.62% left it 40.0% below.

Big months come in clusters, both ways. The last twelve months hold gold's largest gains and largest losses in our series. A strong August says nothing about September.

Spot is not what you pay. Gold and silver funds and ETFs track the domestic price, which includes import duty, and charge an expense ratio; jewellery adds GST and making charges.

Where to go from here

The gold and silver price page has today's rates and both charts. For the quiet month before, see gold and silver in July 2026, and for how silver funds have tracked the metal, silver fund returns in 2026. For equities in August, see the August 2026 market recap.

On ways to hold the metals, the guide to gold funds and ETFs compares the options.