India's Gold, Silver Prices Soar Amid Middle East Uncertainty

Gold and silver prices in India remained high on August 28 due to strong safe-haven demand linked to uncertainty in the Middle East. According to data from the Indian Bullion Association, retail 24-carat gold was priced at Rs 1,59,400 per 10 grams, while 22-carat gold stood at Rs 1,46,117 per 10 grams.

The MCX Gold October futures rose 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. Among the cities listed, Chennai recorded the highest 24-carat gold price at Rs 1,60,990 per 10 grams and silver 999 rate at Rs 2,43,280 per kg.

The precious metals have received support from geopolitical uncertainty and safe-haven demand, with investors turning towards assets such as gold during periods of heightened uncertainty. Gold has recorded a substantial rise over the past year, while silver has climbed sharply from its levels in 2023-24.