2 weeks ago
Gold, silver prices fall in India amid US-Iran tensions
Gold and silver are shiny metals that people buy as jewelry or to keep their savings safe.
On Friday, their prices in India went down a little bit.
This happened because there is a lot of tension between the United States and Iran.
A top US official named Scott Bessent said the US will use very strong new measures against Iran.
He also talked about blocking the Strait of Hormuz, a sea route where ships travel.
When there is worry in the world, people watch gold and silver prices very closely.
The prices dropped in big Indian cities like Delhi, Mumbai, and Kolkata.
Gold in New Delhi was about ₹152,100 for 10 grams.
Silver in New Delhi was about ₹233,360 for one kilogram.
The report also said the UK economy is growing, but the US-Iran dispute could cause problems for it.
Gold and silver prices declined in India's retail market on Friday, 14 August, amid US-Iran geopolitical tensions.
US Treasury Secretary Scott Bessent said the US will use 'never-before-seen' economic measures against Iran, including a blockade of the Strait of Hormuz.
MCX gold traded 0.55% lower at ₹152,750 per 10 grams, while MCX silver futures fell about 0.98% to ₹234,480 per kg.
Across Indian cities, 24-karat gold ranged from ₹152,100 per 10 grams in New Delhi to ₹152,880 in Chennai.
The US-Iran dispute is seen as a risk to the United Kingdom, the G7's fastest-growing economy, which grew 0.4% in the second quarter after 0.6% in the first.
- Who
- US Treasury Secretary Scott Bessent and the Indian retail bullion market across New Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad and Chennai
- What
- Gold and silver prices declined in India's retail market
- Where
- India, with retail rates reported in New Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad and Chennai; the backdrop is the US-Iran standoff and the Strait of Hormuz
- When
- Friday, 14 August
- Why
- US Treasury Secretary Scott Bessent announced 'never-before-seen' economic measures against Iran, including a blockade of the Strait of Hormuz, creating geopolitical uncertainty
Key facts
- MCX Gold Rate (14 Aug)
- ₹152,750 per 10 grams, down 0.55%
- MCX Silver Futures
- ₹234,480 per kg, down about 0.98%
- 24K Gold, New Delhi
- ₹152,100 per 10 grams
- 24K Gold, Mumbai
- ₹152,360 per 10 grams
- 24K Gold, Kolkata
- ₹152,160 per 10 grams
- Silver (999 Fine), New Delhi
- ₹233,360 per kg
- Silver (999 Fine), Hyderabad
- ₹234,140 per kg
- UK Q2 GDP Growth
- 0.4%, following 0.6% expansion in Q1
Quotes
Scott Bessent
U.S. Treasury Secretary
“"It will be a combination of economic isolation like the world has never seen before, and the continued blockade in the Strait of Hormuz that will keep anything from going in or out of the Iranian ports."”
livemint.com
Sources
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