Noida, Aug 5 (APAC Media): Gold prices in India’s retail market advanced on Wednesday, buoyed by persistent geopolitical uncertainties and heightened tensions between the United States and Iran, which prompted investors to seek refuge in safe-haven assets.
The upward movement came even as the US military asserted that the strategically vital Strait of Hormuz remained accessible to all commercial shipping.
US Treasury Secretary Scott Bessent said that a potential agreement with Iran could be imminent, suggesting that a deal aimed at reopening the Strait of Hormuz may be reached as early as this week.
Gold Rate Today (Aug 4): 24K, 22K Gold & 999 Silver Prices City-Wise; US-Iran Deal Impact on Bullion Rates
In the domestic market, prices of 24-carat and 22-carat gold remained firm across major cities, including Delhi, Mumbai, and Kolkata. Retail gold rates continued to reflect global market trends, currency movements, and investor sentiment.
City-wise Gold & Silver Prices (05 Aug)
| City | 24K Gold (₹/10g) | 22K Gold (₹/10g) | Silver 999 (₹/kg) |
|---|---|---|---|
| New Delhi | 144,722 | 132,994 | 223,182 |
| Mumbai | 144,264 | 132,231 | 223,571 |
| Bengaluru | 144,973 | 132,322 | 223,102 |
| Kolkata | 144,782 | 132,041 | 223,292 |
| Hyderabad | 144,196 | 132,426 | 223,912 |
| Chennai | 144,386 | 132,597 | 223,202 |
Market participants continued to monitor developments in global crude oil markets, movements in the US dollar, and geopolitical signals for further direction in precious metal prices.
The Reserve Bank of India (RBI) on Wednesday decided to keep the benchmark repo rate unchanged at 5.25%, maintaining its neutral policy stance through a unanimous decision by the Monetary Policy Committee (MPC).
The central bank also retained the Standing Deposit Facility (SDF) rate at 5%, while the Marginal Standing Facility (MSF) rate and the bank rate were kept unchanged at 5.5%. The RBI’s decision reflects its continued focus on balancing inflation management with economic growth considerations.
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The prospect of easing tensions weighed on energy markets, pushing oil prices lower, with benchmark Brent crude declining more than 1% to trade around $78 per barrel.
Meanwhile, the US dollar index slipped approximately 0.10% to 99.77, making dollar-denominated gold comparatively more affordable for buyers holding other currencies.
On 5 August, MCX gold futures were trading 0.78% higher at ₹145,370 per 10 grams, reflecting continued strength in the precious metal market. Meanwhile, MCX silver futures also gained momentum, rising around 1.08% to ₹224,570 per kg at approximately 11:15 am.
Market analysts said precious metals are likely to remain sensitive to geopolitical developments, central bank policies, and movements in key global indicators. Any further escalation in international tensions could increase demand for gold as a traditional safe-haven asset, while signs of diplomatic progress may limit gains.
Investors are expected to keep a close watch on developments between Washington and Tehran, movements in crude oil prices, and changes in the dollar index for further cues on the direction of precious metal prices in the near term.
–ENDS–
Disclaimer: Gold and Silver prices are for informational purposes only. APAC Media is not liable for any discrepancies or financial decisions made based on this data. Please consult an authorised advisor before making investment choices.
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