Gold and silver prices: The price of the yellow metal in India’s retail market plunged on Monday, 31 August, amid resumption of exchange in strikes between US and Iran after a month-long pause as the US struck Iranian rocket launchers on Sunday. Gold 24 carat fell 1.22% to trade around ₹154,940 per 10 gram at 9:10 AM while 999 silver declined 1.37% to trade around ₹238,870 per kg.
The change in bullion price comes as the markets reopened on Monday after the first US military action against Iran in more than a month. CENTCOM claimed that that the Islamic Republic was preparing to send mines into the Strait of Hormuz due to which it ended weeks of relative calm and attacked Iran “to protect civilian mariners, commercial shipping, and the free flow of global commerce.”
In response, Iran launched strikes early Monday against what it called deadly attack and struck US bases in Jordan. The latest US military attack follows US President Donald Trump’s economic campaign to drive Iran to the negotiating table. The last time the US military announced a “heavy wave of strikes” on dozens of IRGC targets was on 29 July when coastal surveillance and defence sites were struck. The fresh escalation in US-Iran war injected uncertainty in the market as investors assessed bleak possibility of return to diplomacy.
Gold price in international market
Consequently, gold prices were flat on Monday in the international market, after in the previous session as market participants closely watched remarks of Federal Reserve Chair Kevin Warsh. Gold steadied after last week’s selloff as higher interest rates tend to diminish the appeal of the non-yielding metal. Amid expectation of US Fed rate hike, spot gold held its ground at $4,455.29 per ounce by 0011 GMT, Reuters reported.
In the earlier session, the since 19 August. Meanwhile, US gold futures for December delivery plunged 0.6% to $4,504.90 while spot silver was flat at $66.34 per ounce, Reuters reported.
Due to these developments, both 24-karat and 22-karat gold rates are showing a across major cities in India. Silver prices, on the other hand, also declined in the domestic bullion market.
MCX gold rate: MCX gold on 31 August was trading 1.14% lower at ₹154,496 per 10 grams while MCX silver futures were trading about 1.28% lower at ₹239,341 per kg at around 9:10 AM.
Changes in gold and silver prices today
Gold is sold in 24-karat and 22-karat purity in the retail market with the former being the purest form while the later composition is common in jewellery because of its durability.
Here’s a look at the latest gold prices across major Indian cities on 31 August.
Gold Prices in New Delhi — 31 August
24 karat gold rate in New Delhi — ₹154,350/10 gm
22 karat gold rate in New Delhi — ₹141,488/10 gm
Silver 999 Fine rate in New Delhi — ₹238,180/1 kg
Gold Prices in Mumbai — 31 August
24 karat gold rate in Mumbai — ₹154,610/10 gm
22 karat gold rate in Mumbai — ₹141,726/10 gm
Silver 999 Fine rate in Mumbai — ₹238,590/1 kg
Gold Prices in Bengaluru — 31 August
24 karat gold rate in Bengaluru — ₹154,680/10 gm
22 karat gold rate in Bengaluru — ₹141,790/10 gm
Silver 999 Fine rate in Bengaluru — ₹239,110/1 kg
Gold Prices in Kolkata — 31 August
24 karat gold rate in Kolkata — ₹154,350/10 gm
22 karat gold rate in Kolkata — ₹141,488/10 gm
Silver 999 Fine rate in Kolkata — ₹238,610/1 kg
Gold Prices in Hyderabad — 31 August
24 karat gold rate in Hyderabad — ₹154,800/10 gm
22 karat gold rate in Hyderabad — ₹141,900/10 gm
Silver 999 Fine rate in Hyderabad — ₹239,300/1 kg
Gold Prices in Chennai — 28 August
24 karat gold rate in Chennai — ₹155,010/10 gm
22 karat gold rate in Chennai — ₹142,093/10 gm
Silver 999 Fine rate in Chennai — ₹239,620/1 kg