Gold, Silver Loose Steam As Israel-Iran Conflict Eases — Check Prices In Mumbai, Chennai, And Other Cities

Gold and silver prices declined on Wednesday as demand for safe haven assets cooled slightly following some slowdown in the conflict between Israel and Iran after US President brokered a deal for both the nations.

Gold price was trading at Rs 97,230 per 10 grams, slightly lower than its all time high of Rs 1,00,480 per 10 grams, as per the India Bullion Association.

The yellow metal hit an all time high in the past week after Israel launched military operations targeting Iran's nuclear power plant sites.

The tension between the middle eastern nations evolved into a much larger, full blown conflict with US striking Iran's nuclear sites over the weekend.

But, the worst seems to have passed with Trump announcing that both Israel and Iran have agreed to "complete and total ceasefire".

In New Delhi, the price stood at Rs 96,880 per 10 grams, compared to Rs Rs 98,230 per 10 grams on Tuesday. Gold price in Mumbai was Rs 97,050 per 10 grams against Rs Rs 99,400 per 10 grams.

In Kolkata, the rate was Rs 96,920 per 10 grams, while in Bengaluru the rate stood at Rs 97,130. The price for the precious commodity was the highest in Chennai, trading at Rs 97,330 per 10 grams.

Gold spot price was 0.22% higher at $3,333.23 an ounce on Wednesday.

Aug. 5 futures for the yellow metal saw a 2.41% decline to Rs 96,994, according to the Multi Commodity Exchange.

Silver price dropped on Wednesday, standing at Rs 1,05,500 per kg, compared to Rs 1,07,430 per kg on Monday. July 4 futures for the commodity saw a 0.05% decline to stand at Rs 1,04,867 per kg.

Silver spot price was trading at $35.95 on June 25.