Gold and silver prices rose on August 17, driven by US-Iran geopolitical tensions that increased demand for safe-haven assets. International bullion prices saw marginal gains, influencing domestic rates in India. Prices for 24K and 22K gold varied across major cities like Delhi and Mumbai due to local factors such as taxes and demand.
Gold and silver prices remained elevated on Sunday, August 17, as renewed geopolitical tensions between the US and Iran supported demand for safe-haven assets. International bullion prices moved marginally higher in early trade, keeping investors focused on global developments and their potential impact on domestic precious metal prices.
COMEX gold futures rose 0.31% to $4,451.10 per ounce, while silver gained 1.09% to $65.815 per ounce. The LBMA gold price stood at $4,390.70 per ounce during its PM fixing on August 14. In India, domestic spot gold on the MCX closed the August 14 session at Rs 1,51,744 per 10 grams. The broader trend in bullion remains positive, although volatility and profit booking at higher levels cannot be ruled out.
Gold prices vary across cities because of factors such as local demand, transportation costs, taxes and jeweller margins. Buyers should also note that jewellery prices may include making charges and GST in addition to the prevailing bullion rate.
Gold and Silver Rates in Major Cities on August 17
| City | 24K Gold (10g) | 22K Gold (10g) | Silver (1 kg) |
| Delhi | Rs 1,53,740 | Rs 1,40,940 | Rs 2,54,900 |
| Mumbai | Rs 1,53,590 | Rs 1,40,790 | Rs 2,54,900 |
| Kolkata | Rs 1,53,590 | Rs 1,40,790 | Rs 2,54,900 |
| Chennai | Rs 1,55,140 | Rs 1,42,210 | Rs 2,54,900 |
| Bengaluru | Rs 1,53,590 | Rs 1,40,790 | Rs 2,54,900 |
| Hyderabad | Rs 1,53,590 | Rs 1,40,790 | Rs 2,54,900 |
Among these major cities, gold rates remained largely uniform, while silver prices showed variation. Chennai and Hyderabad recorded silver at Rs 1,95,000 per kg, compared with Rs 1,85,000 per kg in Delhi, Mumbai, Kolkata and Bengaluru.
The latest movement in gold and silver reflects continued sensitivity to geopolitical developments. Escalating tensions can boost demand for safe-haven assets such as gold, while silver also responds to its role as both a precious and industrial metal.
Domestic bullion prices are influenced by international rates, the rupee’s movement against the US dollar, import costs and local market conditions. With global gold and silver prices trading at elevated levels, consumers planning jewellery purchases and investors considering precious metals should check the latest city-specific rates before making a decision.
The price levels may also change during the day depending on market movements. Buyers are therefore advised to verify the prevailing rate with local jewellers before completing a purchase.
