Gold and Silver Prices Rise Amid Global Economic Uncertainty
Gold and silver prices in India's retail market rose on August 26 amid a decline in crude oil prices and a weakening US dollar. The price of gold, as traded on MCX, climbed by 0.13% to ₹1,63,041 per 10 grams, while silver futures saw a 0.48% increase at ₹2,45,299 per kg.
The uncertainty surrounding the Middle East conflict is driving investors towards precious metals such as gold and silver as a hedging strategy. The Trump administration's plan to isolate Iran's economy by imposing secondary sanctions on 'enablers' keeping the Islamic Republic afloat has heightened tensions in the region.
According to data from the Indian Bullion Association (IBA), 24-karat gold is priced at ₹163,300/10 gm, and 22-karat gold at ₹149,692/10 gms. Silver prices today are at ₹246,290/kg (Silver 999 Fine).