Gold, Silver Prices Fall Amid US-Iran Tensions on Aug 14

Gold and silver prices in India’s retail market registered a decline on Friday, August 14, influenced by statements from US Treasury Secretary Scott Bessent regarding impending economic measures against Iran.

Bessent, in an interview with Newsmax, stated the US would implement unprecedented economic isolation and a continued blockade in the Strait of Hormuz, aiming to prevent goods from entering or leaving Iranian ports, as reported by CNBC US.

These geopolitical tensions, alongside persistent uncertainty surrounding the conflict, also threaten the United Kingdom’s economy. The UK economy grew by 0.4% in the second quarter, a decrease from 0.6% in the first quarter, according to a separate CNBC US report.

MCX Futures Reflect Downturn

The domestic bullion market saw MCX gold and silver futures trade lower on August 14, around 9:13 am, indicating the broader market reaction to the global developments.

• MCX gold rate was trading 0.55% lower at ₹152,750 per 10 grams.
• MCX silver futures were down approximately 0.98% at ₹234,480 per kg.

Retail Rates Across Major Indian Cities

Across major Indian cities, both 24-karat and 22-karat gold, alongside 999 fine silver, experienced marginal price drops. 24-karat gold represents the purest form, while 22-karat is commonly utilized for jewelry.

• In New Delhi: 24-karat gold at ₹152,100/10 gm; 22-karat gold at ₹139,425/10 gm; 999 fine silver at ₹233,360/1 kg.
• In Mumbai: 24-karat gold at ₹152,360/10 gm; 22-karat gold at ₹139,663/10 gm; 999 fine silver at ₹233,770/1 kg.
• In Bengaluru: 24-karat gold at ₹152,480/10 gm; 22-karat gold at ₹136,950/10 gm; 999 fine silver at ₹233,950/1 kg.
• In Kolkata: 24-karat gold at ₹152,160/10 gm; 22-karat gold at ₹139,480/10 gm; 999 fine silver at ₹233,460/1 kg.
• In Hyderabad: 24-karat gold at ₹152,600/10 gm; 22-karat gold at ₹139,883/10 gm; 999 fine silver at ₹234,140/1 kg.
• In Chennai: 24-karat gold at ₹152,880/10 gm; 22-karat gold at ₹140,140/10 gm; 999 fine silver at ₹234,450/1 kg.

The marginal decline in precious metal prices on August 14 underscores the immediate market sensitivity to escalating geopolitical tensions and economic uncertainty.