Indian Gold and Silver Prices Surge Amid Geopolitical Uncertainty
Gold and silver prices in India remained elevated on August 28 due to safe-haven demand linked to geopolitical uncertainty. The MCX Gold October futures rose by around 0.7% to Rs 1,60,751 per 10 grams, while the MCX Silver September contracts gained 1.04% to Rs 2,42,124 per kg.
According to Indian Bullion Association data, retail 24-carat gold was priced at Rs 1,59,400 per 10 grams, with 22-carat gold standing at Rs 1,46,117 per 10 grams. Silver 999 fine was priced at Rs 2,40,200 per kg.
Among the six cities listed - Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, and Kolkata - Chennai recorded the highest 24-carat gold price at Rs 1,60,990 per 10 grams, while Delhi had the lowest at Rs 1,60,250. For 22-carat gold, Chennai again had the highest rate at Rs 1,47,574 per 10 grams.
Chennai also recorded the highest silver 999 rate at Rs 2,43,280 per kg. Precious metals have continued to receive support from geopolitical uncertainty and safe-haven demand, with investors turning towards assets such as gold during periods of heightened uncertainty.