Gold price today: Check 24K, 22K rates in Delhi, Mumbai, Chennai and other cities

Gold prices edged higher in India on Tuesday as renewed military tensions between the United States and Iran, a weaker US dollar and heightened concerns over oil supply disruptions supported demand for the traditional safe-haven asset.

The price of 24-karat gold in India's retail market rose 0.52%, or ₹790, to around ₹1,54,080 per 10 grams at about 9:10 am on September 8.

The rise comes amid escalating tensions in West Asia, with disruptions around the Strait of Hormuz.

Brent crude was trading near $97 a barrel, while concerns over prolonged shipping disruptions have kept oil markets volatile. Reuters reported that traffic through the Strait of Hormuz has slowed after Iran threatened retaliation against further US military action.

Gold price in India: MCX rates

On the Multi Commodity Exchange (MCX), gold futures were trading around ₹1,53,727 per 10 grams, up 0.47%, at around 10:48 am, according to the figures available on Tuesday.

MCX is India's principal commodity derivatives exchange and provides the platform for trading gold and other bullion contracts.

Silver futures also gained, rising around 0.71% to ₹2,40,700 per kg.

Check city-wise gold, silver rates (10 gm)

Retail rates vary slightly between cities and jewellers because of local taxes, premiums and other charges.

New Delhi: 24K ₹1,53,660; 22K ₹1,40,855; Silver ₹2,39,630

Mumbai: 24K ₹1,53,930; 22K ₹1,41,103; Silver ₹2,40,050

Bengaluru: 24K ₹1,54,050; 22K ₹1,41,213; Silver ₹2,40,240

Kolkata: 24K ₹1,53,720; 22K ₹1,40,910; Silver ₹2,39,730

Hyderabad: 24K ₹1,54,170; 22K ₹1,41,323; Silver ₹2,40,430

Chennai: 24K ₹1,54,370; 22K ₹1,41,506; Silver ₹2,40,750

The retail figures supplied for September 8 show Chennai recording the highest 24-karat gold price among the cities listed, while New Delhi has the lowest.

Why is gold rising in India today?

Gold is benefiting from a combination of geopolitical uncertainty and currency movements. When tensions rise, investors often turn to gold as a store of value, while a weaker dollar makes dollar-denominated bullion relatively cheaper for buyers holding other currencies.

Spot gold rose 0.6% to $4,432.79 an ounce on Tuesday, with the dollar index declining 0.3%.

Silver, platinum and palladium also advanced, as per Reuters. The gold rally is not without resistance. Pepperstone Group head of research Chris Weston said gold remains caught between buyers and sellers, with neither side showing enough conviction to establish a sustained direction.