Gold, silver prices today, 31 August: Check retail rates of 24K, 22K gold, 999 silver in Delhi, Mumbai and Kolkata - Livemint

AI desk brief

Gold and silver are under pressure in both India and international markets after a sharp prior-session selloff, with Indian 24K gold down 1.22% to around ₹154,940/10g and 999 silver down 1.37% to ₹238,870/kg. On MCX, gold was off 1.14% at ₹154,496/10g and silver futures were down 1.28% at ₹239,341/kg, while spot gold held near $4,455.29/oz and COMEX December gold slipped 0.6% to $4,504.90.

The immediate drivers are a combination of renewed US-Iran military escalation and tighter Fed expectations. CENTCOM said it struck Iranian rocket launchers to protect shipping lanes after concerns over mine deployment in the Strait of Hormuz, while Iran responded with strikes on US bases in Jordan. At the same time, the market is still reacting to comments from Fed Chair Kevin Warsh and the prospect of higher rates, which is weighing on the non-yielding metal. Spot silver was flat at $66.34/oz after gold’s prior-session drop of more than 3%.

For traders, the near-term setup is mixed but leaning softer: geopolitics is providing a floor, yet higher-rate expectations and the latest liquidation are dominating price action. Key watchpoints are whether safe-haven demand from Middle East tensions can offset rate-driven selling, and whether gold can stabilize above the recent low seen on the session. If the market continues to price a more hawkish Fed path, further pressure on both XAU and XAG would be likely despite the escalation risk.