Gold Prices Surge as Strait of Hormuz Deal Hopes Boost Indian Markets

Gold prices surged across major jewellery brands in India on August 5, 2026, driven by reports of a possible deal to reopen the Strait of Hormuz and easing inflation concerns. According to Prithviraj Kothari, managing director at RiddiSiddhi Bullions Ltd., president of IBJA, gold and silver prices increased due to reduced near-term Fed rate-hike expectations.

Tanishq's 22k gold jewellery price rose to Rs 13,405 per gram in major cities across India, up from Rs 13,245 per gram on August 4. Malabar Gold & Diamonds Jewellers' 22k gold jewellery price increased to Rs 13,360 per gram, a rise from Rs 13,200 per gram the previous day.

The IBJA's indicative retail selling rates for August 5 show that fine gold (999) is priced at Rs 14,458 per gram, while 22 KT Gold costs Rs 14,208 per gram. Silver (999) is traded at Rs 2,26,200 per kg.