Rising US‑Iran frictions shave half percent off Indian gold rates

The latest flare‑up between the United States and Iran is rippling into India's bullion market. On the MCX, August 5 gold futures opened modestly lower at 1,43,451 rupees compared with the previous close of 1,43,711 rupees. By 10 a.m., the price had slipped further to 1,43,221 rupees, reflecting a 0.34% decline.

Silver was not immune. The September 4, 2026 contract opened at 2,22,000 rupees, down 1,437 rupees from its last settlement, and later traded at 2,22,116 rupees, a 0.59% fall.

International spot prices echoed the domestic trend: gold traded at $4,071 per ounce (‑0.26%) and silver at $58 per ounce (‑0.45%). The market sentiment points to the United States’ consecutive air strike on Iranian targets and Iran’s retaliatory attacks on Bahrain and Kuwait as the catalyst. Meanwhile, crude oil rallied, with Brent crossing the $79 a barrel mark and WTI staying close to $75.