Gold prices in India’s retail market edged higher on Tuesday, August 4, amid renewed hopes of a possible diplomatic breakthrough between the United States and Iran, even as uncertainty over the Middle East conflict continued to support safe-haven demand.

US President Donald Trump, according to a CNBC report, insisted that talks between Washington and Tehran are ongoing despite Iran stating that it has no plans for direct negotiations with the US. In a post on Truth Social, Trump accused Iran’s leadership of being “unbelievably duplicitous” and claimed that peace talks were continuing “whether Iran wants to admit it or not.”

Trump also asserted that the US has complete control of the Strait of Hormuz, although shipping through the crucial trade route remains well below pre-war levels. The lack of a clear resolution to the conflict also kept concerns over oil supply alive, with US West Texas Intermediate (WTI) crude rebounding 0.7 per cent to $80.95 per barrel after falling more than 5 per cent in the previous session.

Amid these developments, both gold and silver prices moved higher in the domestic bullion market. On the Multi Commodity Exchange (MCX), gold futures were trading 0.43 per cent higher at ₹1,43,620 per 10 grams, while silver futures gained 1.23 per cent to ₹2,19,880 per kg at around 9:13 am.

In the retail market, 24-karat and 22-karat gold prices also registered marginal gains across major cities. While 24-karat gold is considered the purest form of the precious metal, 22-karat gold is widely used for jewellery due to its greater durability.

In New Delhi, 24-karat gold was priced at ₹1,43,120 per 10 grams, while 22-karat gold stood at ₹1,31,193 per 10 grams. Silver (999 fine) was trading at ₹2,18,930 per kg.

In Mumbai, 24-karat gold was selling at ₹1,43,360 per 10 grams and 22-karat gold at ₹1,31,413 per 10 grams, while silver was priced at ₹2,19,310 per kg.

Bengaluru recorded 24-karat gold at ₹1,43,480 per 10 grams and 22-karat gold at ₹1,31,523 per 10 grams, with silver at ₹2,19,480 per kg.

In Kolkata, 24-karat gold was priced at ₹1,43,170 per 10 grams and 22-karat gold at ₹1,31,239 per 10 grams, while silver stood at ₹2,19,020 per kg.

Hyderabad saw 24-karat gold trading at ₹1,43,590 per 10 grams and 22-karat gold at ₹1,31,624 per 10 grams, with silver at ₹2,19,660 per kg.

Among the major metros, Chennai recorded the highest gold prices, with 24-karat gold at ₹1,43,660 per 10 grams and 22-karat gold at ₹1,31,688 per 10 grams. Silver was trading at ₹2,19,640 per kg.