Gold Prices Rise Amid US-Iran Conflict Uncertainty

Gold and silver prices in India's retail market rose on Monday, 17 August, amidst ongoing uncertainty over the US-Iran conflict in the Middle East. The uncertainty led to a marginal increase in both 24-karat and 22-karat gold rates across major cities in India.

The US Central Command Commander Adm Brad Cooper acknowledged mental health challenges aboard the USS Lincoln after reports that a sailor jumped overboard amid the aircraft carrier’s long Middle East deployment, as per a report from CNBC US. The rapid release of stockpiles in response to the war in Iran could damage the caverns that hold the US strategic oil reserves, experts warned this week as inventories hit a four-decade low.

MCX gold rate on 17 August was trading 0.23% higher at ₹155,170 per 10 grams. MCX silver futures were trading about 0.57% higher at ₹238,620 per kg at around 9:13 am.