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India Gold, Silver Prices Fluctuate Amid US-Iran Deal Hopes
Gold and silver are precious metals that many people in India buy as jewellery and as a way to save money.
This story is about how their prices changed in Indian cities like Delhi, Mumbai and Kolkata on 5 and 6 August.
Prices of gold and silver can change because of things happening far away in the world.
One big thing right now is the relationship between the United States and Iran.
They have been arguing about the Strait of Hormuz, a narrow waterway that many oil ships travel through.
When there is tension or uncertainty, people often buy gold, which can push its price up.
When there is hope that a peaceful deal will happen, the prices can stay steady or even fall.
US officials said a deal with Iran was close, but Iran said it was not currently holding negotiations.
Oil prices and the value of the dollar also moved a little because of this news.
That is why gold and silver prices in India went up and down over these two days.
Gold prices in India rose on 5 August amid US-Iran tensions, with MCX gold up 0.71% at ₹145,310 per 10 grams and MCX silver up about 1.08% at ₹224,520 per kg.
Prices traded mixed on 6 August amid hopes of a US-Iran peace deal: MCX gold rose 0.22% to ₹149,100 per 10 grams while MCX silver fell 0.16% to ₹227,990 per kg.
US Treasury Secretary Scott Bessent said an Iran deal was close and a deal to open the Strait of Hormuz could come as soon as this week; President Donald Trump signalled a deal was in the making.
Iran's Deputy Foreign Minister Kazem Gharibabadi told state broadcaster IRNA that the US was ready to 'return to commitments,' while denying that negotiations were ongoing with Washington.
Brent crude fell more than 1% to near $78 per barrel on 5 August and later traded at $79.43, while the dollar index declined to 99.77; the US, Iran and Oman were reported to be working on an agreement to manage ship traffic in the Strait of Hormuz.
- Who
- US President Donald Trump, US Treasury Secretary Scott Bessent, Iran's Deputy Foreign Minister Kazem Gharibabadi, and gold and silver buyers in India
- What
- Retail and futures prices of gold and silver in India fluctuated as markets weighed US-Iran tensions against hopes of a deal over the Strait of Hormuz
- Where
- India (New Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad and Chennai) and the Strait of Hormuz
- When
- 5-6 August
- Why
- US-Iran tensions and the possibility of a peace deal affecting the Strait of Hormuz moved crude oil prices and the US dollar, which in turn influenced bullion prices in India
US Position
Iran Position
Status of US-Iran Talks
US Position
President Trump signalled that a deal was in the making, and Treasury Secretary Scott Bessent indicated a deal to open the Strait of Hormuz could be reached as soon as that week.
Iran Position
Iran said the US was ready to 'return to commitments' but denied that negotiations were ongoing with Washington, according to Deputy Foreign Minister Kazem Gharibabadi.
Key facts
- MCX Gold Rate (5 Aug)
- ₹145,310 per 10 grams (+0.71%)
- MCX Gold Rate (6 Aug)
- ₹149,100 per 10 grams (+0.22%)
- MCX Silver Rate (5 Aug)
- ₹224,520 per kg (+1.08%)
- MCX Silver Rate (6 Aug)
- ₹227,990 per kg (-0.16%)
- Brent Crude
- Near $78 per barrel on 5 Aug; $79.43 on 6 Aug
- Dollar Index
- 99.77 (down about 0.10%)
- New Delhi 24K Gold (6 Aug)
- ₹148,700 per 10 grams
- New Delhi 22K Gold (6 Aug)
- ₹136,308 per 10 grams
Sources
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