Gold and silver prices: The price of the yellow metal in India's retail market declined on Friday, 14 August, after US Treasury Secretary Scott Bessent claimed that the US will use ‘never-before-seen’ economic measures against Iran.
Bessent said in an interview with Newsmax, without elaborating further, “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,” as reported by CNBC US.
Furthermore, the ongoing dispute between the US and Iran risks bringing the G7′s fastest-growing economy, the United Kingdom, to a halt, with official data published Thursday showing the UK economy grew by 0.4% in the second quarter, following 0.6% expansion in the first quarter, as per another CNBC US report.
Due to these geopolitical developments and continuous uncertainty surrounding the war, both 24-karat and 22-karat gold rates are showing a marginal decline across major cities in India. Silver prices also dropped in the domestic bullion market.
MCX gold rate on 14 August was trading 0.55% lower at ₹152,750 per 10 grams. MCX silver futures, on the other hand, were trading about 0.98% lower at ₹234,480 per kg at around 9:13 am.
Changes in gold and silver prices today
In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it's more durable.
Here's a look at the latest gold prices across major Indian cities on 14 August.
Gold Prices in New Delhi — 14 August
24 karat gold rate in New Delhi — ₹152,100/10 gm
22 karat gold rate in New Delhi — ₹139,425/10 gm
Silver 999 Fine rate in New Delhi — ₹233,360/1 kg
Gold Prices in Mumbai — 14 August
24 karat gold rate in Mumbai — ₹152,360/10 gm
22 karat gold rate in Mumbai — ₹139,663/10 gm
Silver 999 Fine rate in Mumbai — ₹233,770/1 kg
Gold Prices in Bengaluru — 14 August
24 karat gold rate in Bengaluru — ₹152,480/10 gm
22 karat gold rate in Bengaluru — ₹136, 950/10 gm
Silver 999 Fine rate in Bengaluru — ₹233,950/1 kg
Gold Prices in Kolkata — 14 August
24 karat gold rate in Kolkata — ₹152,160/10 gm
22 karat gold rate in Kolkata — ₹139,480/10 gm
Silver 999 Fine rate in Kolkata — ₹233,460/1 kg
Gold Prices in Hyderabad — 14 August
24 karat gold rate in Hyderabad — ₹152,600/10 gm
22 karat gold rate in Hyderabad — ₹139,883/10 gm
Silver 999 Fine rate in Hyderabad — ₹234,140/1 kg
Gold Prices in Chennai — 14 August
24 karat gold rate in Chennai — ₹152,880/10 gm
22 karat gold rate in Chennai — ₹140,140/10 gm
Silver 999 Fine rate in Chennai — ₹234,450/1 kg
