Gold prices rise to 3-month high in domestic, global markets amid West Asia tensions, ahead of US inflation data
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The Gold prices climbed to their three-month high ahead of the release of the US inflation data and a speech by the US Federal Reserve Chair Kevin Warsh later this week.
Spot gold rose 0.5% to $4,627.42 per ounce as of 0155 GMT, reaching its highest level since 15 May following a more than 5% gain last week. US gold futures edged 0.1% higher to $4,683.80.
However, the prices of yellow metal also saw a rise in the domestic marketd due to the uncertainty over the US-Iran war. The US Treasury Secretary Scott Bessent today announced new economic sanctions against Iran while Tehran warned to retaliate by not allowing “a single drop of oil” through the Strart of Hormuz and Persian Gulf.
“We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary,” Bessent wrote in a post on X.
He claimed that the motive behind the actions is to sever Iran’s every economic lifeline. “The President has created the conditions to leverage every agency, every authority and action many assumed we would never summon. Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone,” he added.
Increase in gold prices in India
These developments led to a marginal increase in 24-karat and 22-karat gold rates across major Indian cities, while domestic silver prices declined.
On 24 August, MCX gold futures rose 0.65% to ₹163,870 per 10 grams, whereas MCX silver futures fell 0.13% to ₹247,230 per kg.
Gold and silver prices in Delhi today:
In Delhi, the 24-karat gold at ₹163,300/10g, 22-karat gold at ₹149,692/10g, and 999 fine silver at ₹246,720/kg.
Gold and silver prices in Mumbai today:
In Mumbai, the 24-karat gold at ₹163,580/10g, 22-karat gold at ₹149,948/10g, and 999 fine silver at ₹247,150/kg.
Gold and silver prices in Bengaluru today:
In Bengaluru, the 24-karat gold at ₹163,710/10g, 22-karat gold at ₹150,068/10g, and 999 fine silver at ₹247,350/kg.
Gold and silver price in Kolkata today:
In Kolkata, the 24-karat gold at ₹163,130/10g, 22-karat gold at ₹149,536/10g, and 999 fine silver at ₹246,390/kg.
Gold and silver prices in Hyderabad today
In Hyderabad, the 24-karat gold at ₹163,600/10g, 22-karat gold at ₹149,967/10g, and 999 fine silver at ₹247,110/kg.
Gold and silver prices on Chennai today:
In Chennai, the 24-karat gold at ₹163,820/10g, 22-karat gold at ₹150,168/10g, and 999 fine silver at ₹247,440/kg.