Gold Prices Surge in India Amid Escalating US-Iran Tensions
Gold prices in India rose on August 11 amid escalating tensions between the US and Iran. The conflict has led to increased uncertainty, causing a surge in gold demand. According to CNBC US, US President Donald Trump announced that the US Navy had cleared the Strait of Hormuz of mines and now holds '100%' control of the waterway.
The dollar index eased, making greenback-backed bullion cheaper for buyers in other currencies. Crude oil prices traded near $88 per barrel due to continued uncertainty over a potential US-Iran deal. As a result, gold prices rose across major cities in India, with MCX gold rate trading 1.22% higher at ₹155,210 per 10 grams.
Here are the latest gold and silver prices in various Indian cities: