Gold Prices Surge Over 1% Amid Easing Tensions Between US and Iran

Gold prices rose more than 1% in the international market on Monday as tensions eased between the US and Iran, alleviating inflation concerns. Spot gold increased by 1.4% to $4,110.56 per ounce, while US gold futures gained 1%. The US dollar index fell 0.3%, making metals more affordable for holders of other currencies.

The price of gold in India's retail market also rose, with both 24-karat and 22-karat gold rates increasing across major cities. Silver prices followed suit, rising in the domestic bullion market. MCX gold rate on July 27 was trading 0.51% higher at ₹144,520 per 10 grams, while MCX silver futures were up 1.01% at ₹225,120 per kg.

Here are the latest gold prices across major Indian cities: Delhi (24-karat ₹144,010/10 gm, 22-karat ₹132,009/10 gm), Mumbai (24-karat ₹144,260/10 gm, 22-karat ₹132,238/10 gm), Bengaluru (24-karat ₹144,370/10 gm, 22-karat ₹132,339/10 gm), Kolkata (24-karat ₹144,090/10 gm, 22-karat ₹132,083/10 gm), Hyderabad (24-karat ₹144,510/10 gm, 22-karat ₹132,468/10 gm), and Chennai (24-karat ₹144,700/10 gm, 22-karat ₹132,642/10 gm).