Gold Prices Surge in India Amid Ongoing US-Iran Tensions
The price of gold in India's retail market increased on August 21 due to ongoing uncertainty over the US-Iran conflict. The situation has raised tensions, with the US planning to intensify economic sanctions on Iran and China being asked for its support.
In the international market, gold prices edged higher on Friday, supported by a weaker dollar and the US Treasury's bond buyback move. Spot gold rose 0.5% to $4,540.18 per ounce, while US gold futures increased 0.6% to $4,596.60.
As a result, both 24-karat and 22-karat gold rates saw a marginal increase across major cities in India. Silver prices also rose in the domestic bullion market, with MCX gold rate trading 0.19% higher at ₹160,180 per 10 grams and MCX silver futures up 0.65% at ₹245,990 per kg.
The latest gold prices across major Indian cities on August 21 are as follows: New Delhi - ₹159,510/10 gm (24-karat), ₹146,218/10 gm (22-karat); Mumbai - ₹159,740/10 gm (24-karat), ₹146,428/10 gm (22-karat); Bengaluru - ₹159,870/10 gm (24-karat), ₹146,548/10 gm (22-karat); Kolkata - ₹159,530/10 gm (24-karat), ₹146,236/10 gm (22-karat); Hyderabad - ₹159,990/10 gm (24-karat), ₹146,658/10 gm (22-karat); and Chennai - ₹160,200/10 gm (24-karat), ₹146,850/10 gm (22-karat).