Indian Gold Prices Rise Amid US-Iran Conflict Uncertainty
The price of gold in India increased by nearly 0.7% in the domestic futures market on August 27, driven by uncertainty over the US-Iran conflict and safe-haven demand.
MCX Gold 5 October futures were trading at ₹160,751 per 10 grams, while MCX Silver 4 September contracts rose by 1.04% to ₹242,124 per kg.
In the retail market, gold prices varied across cities: in Delhi, 24-karat gold was priced at ₹159,400/10 gm and 22-karat gold at ₹146,117/10 gms; in Mumbai, 24-karat gold reached ₹160,530/10 gm and 22-karat gold ₹147,153/10 gm.
Since last year's strong bull run, which saw prices rise by over 75%, gold has experienced modest increases amid ongoing tensions in the Middle East. Silver prices have seen even steeper rises due to demand and currency fluctuations.