Gold Prices in India Rise Amid US-Iran Tensions

Gold and silver prices in India rose on August 5 due to ongoing tensions between the US and Iran. The Strait of Hormuz is a key shipping route, and the US military claimed it was open to all commercial vessels. This led to a decline in oil prices, with Brent crude falling by over 1% to around $78 per barrel.

The dollar index also declined slightly, making gold slightly cheaper for buyers in other currencies. As a result, both 24-karat and 22-karat gold rates increased across major cities in India, while silver prices also rose in the domestic bullion market.

According to MCX data, gold was trading 0.71% higher at ₹145,310 per 10 grams, while silver futures were up by 1.08% at ₹224,520 per kg.