Gold rate today: Yellow metal extends gains, check the latest prices in your city on August 28

Gold rate on August 28

Gold prices jumped on August 28, extending significant gains amid uncertainties. Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 1,01,450 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on August 28:

"Market concerns over the Federal Reserve’s independence intensified after President Trump called for the dismissal of Fed Governor Lisa Cook. Rising inflation expectations also underpinned bullion, with the U.S. 10-year breakeven inflation rate climbing to a six-month high of 2.46%. Additional support for gold came from escalating geopolitical tensions, including U.S. tariffs and ongoing conflicts in Ukraine and the Middle East. Investor interest remains strong, with gold ETF holdings at a two-year high. On the physical demand side, China’s gold appetite surged, with net imports via Hong Kong more than doubling in July to 43.9 tons, up from 19.3 tons in June. Today, gold prices are holding firm above $3,390/oz, with traders awaiting key U.S. economic data, including Q2 GDP, weekly jobless claims, and pending home sales, for further clues on the economic outlook and potential monetary policy direction," said Kaynat Chainwala, AVP - Commodity Research, Kotak Securities.

Also read: Gold holds ground as investors await US data for more Fed cues

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