Gold Prices Surge Amidst Ongoing Tensions in West Asia

Gold prices in India rose on August 5, with 24-karat gold trading at Rs 14,575 per gram. The price of 22-karat gold stood at Rs 13,360 per gram, while 18-karat gold was selling for Rs 10,931 per gram.

The increase in gold prices comes amidst growing tensions in the Middle East, which has led to a surge in demand for safe-haven assets like gold. The Strait of Hormuz, a critical oil shipping route, is at the center of diplomatic talks between Iran and Oman, with both sides expressing optimism about reaching a deal.

However, the situation remains volatile, and market analysts are closely watching developments in West Asia. On July 23, oil prices spiked as Brent crude rallied past $100 per barrel for the first time since May, reflecting growing fears of global energy supply shocks triggered by escalating conflict in the region.