According to a CNN report published on Thursday, the US military has prepared options for renewed strikes against Iran. These reportedly include the possible use of one of the largest non-nuclear bombs in the US arsenal. Iran, meanwhile, has vowed to continue the conflict while pursuing its demands.
Rising tensions between the two countries have added to uncertainty in global markets. Investors closely monitor gold, which is widely regarded as a safe-haven asset, during periods of geopolitical instability. However, gold and silver prices are also influenced by movements in the US dollar, interest rates and demand in international markets.
Gold Prices in Delhi, Mumbai and Other Major Cities
Gold prices varied across major Indian cities on October 16. The following rates were reported for 24-carat and 22-carat gold per 10 grams.
In New Delhi, 24-carat gold was priced at Rs 1,47,450, while 22-carat gold stood at Rs 1,35,163. In Mumbai, the respective rates were Rs 1,47,590 and Rs 1,35,291.
Bengaluru recorded a 24-carat gold price of Rs 1,47,710 and a 22-carat rate of Rs 1,35,401. In Kolkata, 24-carat gold was priced at Rs 1,47,400, while 22-carat gold stood at Rs 1,35,117.
In Hyderabad, 24-carat gold was quoted at Rs 1,47,830 and 22-carat gold at Rs 1,35,511. Chennai recorded the highest 24-carat gold price among the listed cities, at Rs 1,48,020, while its 22-carat rate stood at Rs 1,35,685.
According to these rates, Chennai had the highest 24-carat gold price among the cities listed, while Kolkata recorded the lowest.
These are city-wise prices, and the final cost of jewellery may differ depending on the jeweller's rate, making charges and applicable taxes.
Silver Prices Per Kilogram Across Major Cities
Silver prices also increased alongside gold. The reported rates for silver of 999 purity varied across the listed cities.
New Delhi recorded a silver price of Rs 2,11,620 per kilogram, while Mumbai's rate stood at Rs 2,11,650. In Bengaluru, silver was priced at Rs 2,11,820 per kilogram, compared with Rs 2,11,370 in Kolkata.
Hyderabad recorded a rate of Rs 2,11,990 per kilogram, while Chennai had the highest quoted price at Rs 2,12,270 per kilogram.
Based on the reported figures, Chennai recorded the highest silver price among the listed cities, while Hyderabad had the lowest. Buyers are advised to confirm the latest rates with their local bullion markets before making a purchase.
What Is the Difference Between 22-Carat and 24-Carat Gold?
Understanding gold purity is essential when purchasing the metal. Twenty-four-carat gold is considered the purest form, but it is relatively soft and is therefore generally not used to make conventional jewellery.
Twenty-two-carat gold contains other metals, making it more durable and suitable for jewellery manufacturing. As a result, the purity requirements for gold purchased as an investment may differ from those relevant to jewellery.
Consumers purchasing gold jewellery should check the hallmark and verify the stated purity before completing a transaction.
What Could Happen to Gold and Silver Prices Next?
In the coming days, gold and silver prices may remain influenced by US-Iran tensions, movements in the US dollar, expectations surrounding interest rates and global demand.
Any further escalation in geopolitical tensions could support demand for gold as a safe-haven investment. However, changes in international markets could also push prices lower.
Both precious metals recorded gains in the futures market on October 16. Nevertheless, a single day's increase does not guarantee that prices will continue to rise. Market movements will depend on how geopolitical developments and other global economic factors evolve.
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