India's Gold and Silver Prices Surge Amid Middle East Uncertainty
The gold and silver prices in India remained elevated on August 28 due to strong safe-haven demand linked to Middle East uncertainty.
MCX Gold futures rose 0.7% to Rs 1,60,751 per 10 grams, while silver contracts increased 1.04%. The precious-metals market has been supported by geopolitical uncertainty and safe-haven buying.
The Indian Bullion Association (IBA) data showed that 24-carat gold was priced at Rs 1,59,400 per 10 grams in the retail market, while 22-carat gold stood at Rs 1,46,117 per 10 grams. Silver 999 fine was priced at Rs 2,40,200 per kg.
The prices vary across cities, with Chennai having the highest 24K gold rate among the six cities at Rs 1,60,990 per 10 grams, while Delhi has the lowest at Rs 1,60,250. Similarly, silver prices show differences between cities, with Chennai recording the highest silver 999 rate at Rs 2,43,280 per kg.