Fluctuations in gold prices continue as tensions in the Middle East remain. Following a brief decline in prices, 24K gold is priced at Rs 15,235 per gram on August 8, 2026. Likewise, 22K and 18K gold currently cost Rs 13,625 per gram and Rs 11,426 per gram, respectively.
The rates of 24-carat, 22-carat and 18-carat gold have increased by Rs 109, Rs 100 and Rs 82, respectively, from the rates on August 7. Lower US Treasury yields have also contributed to the rise, as they boosted demand for gold as a safe-haven asset. At the beginning of the month, prices briefly dipped as higher US Treasury yields and a firmer dollar capped safe-haven demand.
Tensions in the region saw a decline during a 60-day agreement between the United States and Iran in mid-June 2026, which aimed to pause the armed conflict and ensure the safety of marine channels. However, military activities resumed soon after both countries abandoned the ceasefire. The situation is expected to ease at the Strait of Hormuz as talks progress between Iran and Oman to restore commercial shipping. “We expect a deal soon,” a US official told Reuters.
Escalating U.S.–Iran hostilities and attacks on oil tankers led to a spike of over 6% in global crude oil prices on July 23, shifting investors’ focus towards gold. Consequently, international turmoil reflects in the uncertainty in the local market, with gold prices moving up and down, fueled by import taxes and foreign exchange movements.
Gold rates across different cities in the country differ slightly. In Delhi, 24K, 22K and 18K gold are priced at Rs 15,255, Rs 13,985 and Rs 11,446, respectively, whereas prices in Mumbai for the three categories are Rs 15,235, Rs 13,965 and Rs 11,426, respectively. Rates in other cities for 24-carat, 22-carat and 18-carat gold are as follows: Chennai: Rs 15,164, Rs 13,900 and Rs 11,716, respectively; Kolkata: Rs 15,235, Rs 13,965 and Rs 11,426, respectively; Hyderabad: Rs 15,235, Rs 13,965 and Rs 11,426, respectively; and Ahmedabad: Rs 15,245, Rs 13,975 and Rs 11,436, respectively.
