Silver Tops ₹2.19 Lakh, Oil Rebounds on Renewed Hopes of US-Iran Peace Talks

On Tuesday, August 4, gold rates in India’s domestic market edged upward, spurred by renewed optimism about a possible US‑Iran diplomatic breakthrough, while lingering Middle‑East uncertainty kept safe‑haven demand intact.

According to a CNBC report, US President Donald Trump said negotiations between Washington and Tehran are continuing, despite Iran’s claim that it has no plans for direct talks. In a Truth Social post, Trump labelled Iran’s leadership “unbelievably duplicitous” and insisted that peace discussions are proceeding “whether Iran wants to acknowledge them or not.”

Trump also claimed that the United States has full control of the Strait of Hormuz, although traffic through this vital shipping lane remains far below pre‑conflict levels. The absence of a clear resolution to the dispute has kept oil‑supply worries alive, with US West Texas Intermediate (WTI) crude rebounding 0.7 % to $80.95 a barrel after slipping more than 5 % in the prior session.

Against this backdrop, both gold and silver prices rose in the domestic bullion market. On the Multi Commodity Exchange (MCX), gold futures climbed 0.43 % to ₹1,43,620 per 10 grams, while silver futures gained 1.23 % to ₹2,19,880 per kilogram at around 9:13 am.

In the retail segment, 24‑karat and 22‑karat gold prices showed modest gains across major cities. Pure 24‑karat gold is the finest form of the metal, whereas 22‑karat gold, being more durable, is favoured for jewellery.

In New Delhi, 24‑karat gold traded at ₹1,43,120 per 10 grams and 22‑karat gold at ₹1,31,193 per 10 grams. Silver (999 fine) was quoted at ₹2,18,930 per kilogram.

In Mumbai, 24‑karat gold was priced at ₹1,43,360 per 10 grams and 22‑karat gold at ₹1,31,413 per 10 grams, with silver at ₹2,19,310 per kilogram.

Bengaluru recorded 24‑karat gold at ₹1,43,480 per 10 grams and 22‑karat gold at ₹1,31,523 per 10 grams, while silver stood at ₹2,19,480 per kilogram.

In Kolkata, 24‑karat gold was quoted at ₹1,43,170 per 10 grams and 22‑karat gold at ₹1,31,239 per 10 grams, with silver at ₹2,19,020 per kilogram.

Hyderabad saw 24‑karat gold trading at ₹1,43,590 per 10 grams and 22‑karat gold at ₹1,31,624 per 10 grams, while silver was priced at ₹2,19,660 per kilogram.

Among the major metros, Chennai posted the highest gold rates, with 24‑karat gold at ₹1,43,660 per 10 grams and 22‑karat gold at ₹1,31,688 per 10 grams. Silver traded at ₹2,19,640 per kilogram.