3 weeks ago
Gold, silver rise in India amid Strait of Hormuz tension
Gold is a shiny metal that people buy to keep their money safe, and silver is another precious metal used for jewellery and coins.
When countries argue or fight, people often buy more gold, which can make its price go up.
On Monday, gold prices around the world went down a little because investors took profits after prices had reached a seven-week high.
In India, gold prices also slipped a bit on Monday, but silver prices went up.
On Tuesday, both gold and silver prices in India rose.
That happened as tensions grew between the United States and Iran over the Strait of Hormuz, a narrow sea passage.
President Donald Trump said the US Navy cleared mines from the waterway and now controls it completely.
But Iran's foreign minister, Abbas Araghchi, said Iran is not in direct talks with the US, even though Washington says a deal is close.
Everyone is watching these events because they affect the prices of gold, silver and even oil.
Indian retail gold and silver prices rose on Tuesday, 11 August, amid escalating US-Iran tension over the Strait of Hormuz.
President Donald Trump said the US Navy swept the Strait of Hormuz clear of mines and now holds "100%" control of the waterway.
MCX gold climbed 1.22% to ₹155,210 per 10 grams, while MCX silver futures rose about 1.05% to ₹240,340 per kg.
On Monday, spot gold fell 0.5% to $4,322.28 after a seven-week high, as investors awaited US inflation data for Federal Reserve signals.
Iranian Foreign Minister Abbas Araghchi said Tehran is not in direct talks with the US to end the war and open the Strait of Hormuz, despite Washington's assertion that a deal is near.
Crude oil traded near $88 per barrel due to continued uncertainty over a potential US-Iran deal.
- Who
- President Donald Trump, Iranian Foreign Minister Abbas Araghchi, and gold and silver investors and retail buyers in India.
- What
- Gold and silver prices rose in India on Tuesday amid escalating US-Iran tensions, after slipping in international markets on Monday.
- Where
- International bullion markets, Indian cities including New Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad and Chennai, and the Strait of Hormuz.
- When
- Monday and Tuesday, 10-11 August.
- Why
- Escalating US-Iran tension over the Strait of Hormuz, uncertainty over a potential deal, and a softer dollar moved precious metals prices.
US Position
Iranian Position
Control of the Strait of Hormuz
US Position
President Trump said the US Navy swept the Strait of Hormuz clear of mines and now holds "100%" control of the waterway, adding "It's open now."
Iranian Position
Iranian Foreign Minister Abbas Araghchi said Tehran is not currently in direct talks with the US to end the war or open the Strait of Hormuz.
Prospects of a US-Iran deal
US Position
Washington has asserted that a deal to end the war and reopen the Strait of Hormuz is near.
Iranian Position
Tehran denies being in direct talks with the US, contradicting Washington's claim that a deal is close.
Key facts
- MCX gold rate (11 Aug)
- ₹155,210 per 10 grams (up 1.22%)
- MCX silver futures (11 Aug)
- ₹240,340 per kg (up about 1.05%)
- Spot gold (10 Aug)
- $4,322.28 per ounce (down 0.5%)
- US gold futures (10 Aug)
- $4,381.60 (down 0.4%)
- 24K gold in New Delhi (11 Aug)
- ₹154,660 per 10 grams
- 22K gold in New Delhi (11 Aug)
- ₹141,772 per 10 grams
- Silver 999 in Mumbai (11 Aug)
- ₹239,910 per kg
- Crude oil
- Near $88 per barrel










