1 week ago
Gold Rises While Silver Falls Across Indian Markets
Gold prices in Indian shops were reported to rise slightly on 24 and 25 August.
Silver prices moved lower on both days.
On 25 August, gold on the Indian exchange rose a little, while silver fell more noticeably.
World gold prices also increased and reached their highest level since mid-May.
A weaker United States dollar helped support gold.
Investors were also watching United States plans involving Iran and bond-market developments.
They were waiting for United States inflation data and a speech by Federal Reserve Chair Kevin Warsh.
The articles’ quoted 25 August retail rates were lower than the quoted 24 August rates, despite describing gold as rising.
Indian retail gold prices were reported to rise marginally on 24 and 25 August, while silver prices declined.
On 25 August, quoted rates were ₹162,970 per 10 grams for 24K gold and ₹149,389 for 22K gold in New Delhi.
MCX gold traded at ₹163,640 per 10 grams, up 0.09%, while MCX silver fell 0.62% to ₹243,730 per kilogram on 25 August.
International spot gold rose to $4,677.19 per ounce on 25 August, its highest level since mid-May, supported by a weaker US dollar and United States bond-buyback plans.
Market attention focused on United States sanctions against Iran, United States inflation data and a speech by Federal Reserve Chair Kevin Warsh.
- Who
- Indian gold and silver traders, retail buyers, international investors, the United States administration, Iran and Federal Reserve Chair Kevin Warsh.
- What
- Gold prices were reported to rise marginally in Indian retail and international markets, while silver prices declined.
- Where
- Indian markets in New Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad and Chennai, along with international markets and the Strait of Hormuz.
- When
- 24 and 25 August; the MCX figures were reported at around 9:13 am on each day, and international prices were quoted at 0155 GMT on 24 August.
- Why
- Gold was supported by uncertainty surrounding United States-Iran tensions, a weaker United States dollar and United States bond-buyback plans; investors were also focused on upcoming inflation data and Federal Reserve commentary.
United States position
Iranian position
Economic pressure
United States position
The Trump administration announced a plan to isolate Iran’s economy by threatening secondary sanctions against entities helping sustain it. Treasury Secretary Scott Bessent called the effort an economic onslaught against Iran’s financial connections.
Iranian position
Iran was described as facing the new United States sanctions scheme; the article did not provide a detailed Iranian response to the economic measures.
Strait of Hormuz transit
United States position
The United States was reported to be escalating pressure on Iran amid wider uncertainty involving regional maritime transit.
Iranian position
Tehran threatened to seize vessels that violate its transit rules in the Strait of Hormuz.
Key facts
- New Delhi rates on 25 August
- 24K gold: ₹162,970 per 10 grams; 22K gold: ₹149,389 per 10 grams; 999 silver: ₹242,920 per kilogram.
- Mumbai rates on 25 August
- 24K gold: ₹163,250 per 10 grams; 22K gold: ₹149,646 per 10 grams; 999 silver: ₹243,340 per kilogram.
- Kolkata rates on 25 August
- 24K gold: ₹163,030 per 10 grams; 22K gold: ₹149,444 per 10 grams; 999 silver: ₹243,020 per kilogram.
- Other city rates on 25 August
- Bengaluru: 24K ₹163,380 and 22K ₹149,765; Hyderabad: 24K ₹163,510 and 22K ₹149,884; Chennai: 24K ₹163,720 and 22K ₹150,077 per 10 grams.
- MCX prices on 25 August
- Gold: ₹163,640 per 10 grams, up 0.09%; silver: ₹243,730 per kilogram, down 0.62%.
- International gold on 25 August
- Spot gold gained 0.6% to $4,677.19 per ounce, its highest level since mid-May.
- Comparison issue
- The articles describe retail gold as rising on both days, but the quoted 25 August city rates are below the corresponding 24 August rates.
- Gold purity
- 24-karat gold is described as the purest form, while 22-karat gold is commonly used in jewellery because it is more durable.
Quotes
Scott Bessent
US Treasury Secretary who announced the new sanctions scheme against Iran
“We are launching an economic onslaught against Iran’s financial connections around the globe”
livemint.com
Sources
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