Gold Prices Surge Amid US-Iran Conflict Uncertainty
Gold prices in India rose on Monday, August 24, amidst ongoing uncertainty over the US-Iran conflict in the Middle East. The price of gold in the retail market increased due to the subdued dollar and focus shifted to key US inflation data and a speech by Federal Reserve Chair Kevin Warsh later this week.
The international market saw gold prices hit their highest levels in more than three months on Monday, with spot gold up 0.5% at $4,627.42 per ounce as of 0155 GMT. In India, the MCX gold rate was trading 0.65% higher at ₹163,870 per 10 grams.
The rise in gold prices is attributed to the ongoing US-Iran conflict and the potential for further escalation. The US Treasury Secretary Scott Bessent said the US is ready to unveil 'the single greatest financial offensive ever' against Iran, starting today, while Tehran threatened to seize vessels that violate transit rules in the Strait of Hormuz.