Gold Hits Five-Month High as Global Cues and US-Iran Tensions Drive Up Prices

Gold prices surged to a five-month high in India's national capital on Monday, August 24th, as global cues and renewed demand drove up the yellow metal. The price of gold reached Rs 1.64 lakh per 10 grams, with a gain of Rs 900 from Friday's closing level of Rs 1,63,500 per 10 grams.

According to the All India Sarafa Association, silver also rose by Rs 3,500 to over a four-month high of Rs 2,53,500 per kilogram. Analysts pointed out that the next move in bullion may hinge less on geopolitics and more on inflation.

Gaurav Garg, Head of Research at Lemonn Markets Desk, noted that gold surged in domestic markets while silver remained elevated due to a weaker US dollar and strong safe-haven demand amid renewed US-Iran tensions.