Gold and Silver Prices Today, August 29: Precious Metals See Another Drop

Gold and silver prices moved lower again in the Indian market on August 29, offering some relief to buyers after a period of elevated prices. The latest decline was visible across 18K, 22K and 24K gold, while silver also recorded a modest reduction.

In the Hyderabad bullion market, the price of 24-carat gold fell by ₹2,890 per 10 grams compared with the previous day. Following the decline, 10 grams of 24K gold was priced at ₹1,58,240. The rate of 22-carat gold also declined, with a reduction of ₹2,650 per 10 grams bringing it to ₹1,45,050.

The 18-carat segment registered a fall of ₹2,170 per 10 grams. After the latest movement, 18K gold stood at ₹1,18,680 for 10 grams in Hyderabad. On a per-gram basis, the reported declines from August 28 were ₹289 for 24K gold, ₹265 for 22K gold and ₹217 for 18K gold.

Silver prices also softened during the session. The rate of silver dropped by ₹5,000 per kilogram, taking the price to ₹2.60 lakh per kg. The movement comes as precious-metal prices continue to respond to developments in international markets.

Gold Prices Across Major Indian Cities

The rates reported for August 29 showed relatively similar prices across several major cities, although Delhi recorded slightly higher rates in the 24K and 22K categories.

In Chennai, one gram of 24K gold was priced at ₹15,824, while 22K gold stood at ₹14,505. The reported 18K rate was ₹12,275 per gram.

Mumbai recorded a 24K price of ₹15,824 per gram and a 22K price of ₹14,505. The 18K rate stood at ₹11,868 per gram.

Delhi had a slightly different pricing pattern. One gram of 24K gold was quoted at ₹15,839, while 22K gold was priced at ₹14,520. The reported 18K price was ₹11,883 per gram.

In Kolkata, Bengaluru and Hyderabad, the reported 24K gold rate was ₹15,824 per gram. The 22K rate in each of these cities was ₹14,505 per gram, while 18K gold was quoted at ₹11,868 per gram.

Why Are Gold and Silver Prices Moving?

The latest decline comes against a backdrop of continuing international uncertainty. According to the report, precious-metal prices have been experiencing daily fluctuations because of developments in global markets and tensions in West Asia.

The report also points to a reduction in some of the anxiety that had been affecting international markets, which contributed to the recent easing in gold and silver prices. At the same time, higher tax rates and continuing geopolitical tensions remain factors influencing the precious-metals market.

Because gold is closely watched during periods of uncertainty, developments outside India can have an impact on domestic prices. Silver can also respond to changes in broader global market conditions, meaning that both metals can experience noticeable movements from one day to another.

West Asia Tensions Remain a Key Factor

Developments surrounding the Strait of Hormuz are another element highlighted in the report. Iran's Islamic Revolutionary Guard Corps has claimed that it has complete control over the strategically important waterway. Iran has also accused US officials of making statements about the strait with the intention of influencing global oil markets.

The White House, however, has stated that its naval blockade around the Strait of Hormuz is fully in effect. It has also said that the waterway remains open and free, with no mines present there. The United States further stated that it was not holding discussions with Tehran.

These developments are important for global commodity markets because events in West Asia can influence oil markets and, in turn, affect investor sentiment toward assets such as gold and silver.

What Could Happen Next?

The latest figures show that gold and silver remain sensitive to changing international conditions. Although prices have declined on August 29, the continuing geopolitical uncertainty means further daily movements cannot be ruled out.

For Indian consumers, the latest fall may provide some short-term relief, particularly for those tracking gold prices before making jewellery purchases. However, the reported rates can change as international developments and market conditions evolve.

As of August 29, Hyderabad's reported gold prices stood at ₹1,58,240 per 10 grams for 24K, ₹1,45,050 for 22K and ₹1,18,680 for 18K gold. Silver was priced at ₹2.60 lakh per kilogram after declining by ₹5,000.

Gold and silver prices are therefore likely to remain closely watched in the coming days as global market sentiment and West Asian developments continue to influence the precious-metals market.