Gold Rate Today, August 22: Check 18, 22 and 24 carat gold prices in Chennai, Mumbai, Delhi, Kolkata and other cities

Today's gold prices in India are as follows: 24 carat gold is priced at Rs 16,309 per gram, 22 carat gold at Rs 14,950 per gram, and 18 carat gold at Rs 12,232 per gram, according to Good Returns. Over the past day, the price of 24K gold has risen by Rs 152, while 22K and 18K gold prices have increased by Rs 140 and Rs 114 respectively.

International panic led to a brief drop in gold and silver prices, despite high 15% tax rates. However, ongoing Middle Eastern turmoil has caused daily fluctuations in precious metal markets. The situation is further complicated by tensions in the Middle East, with the U.S. President Donald Trump stating that Washington views the Strait of Hormuz as American territory.

Iran's Foreign Ministry spokesman, Esmaeil Baghaei, denounced recent U.S. economic sanctions as a declaration of war. Omani and Iranian foreign ministers discussed resuming talks on a bilateral agreement regarding maritime transit through the Strait of Hormuz. Israeli strikes struck various locations in southern Lebanon, despite an active ceasefire.

Global crude prices were high on August 21 due to the ongoing U.S.-Iran conflict, with WTI Crude at $86.64 per barrel and Brent Crude at $94.39 per barrel. The recent surges in global oil prices are largely due to uncertainty surrounding the timeline for restarting regional crude extraction and export operations. Market participants are concerned that prolonged regional warfare could significantly disrupt energy exports from Middle Eastern oil-producing nations, such as Saudi Arabia, Iraq, the UAE, and Kuwait.

Regional military aggression briefly subsided after a 60-day agreement mediated by the U.S. and Iran, but ongoing missile strikes and threats against merchant vessels caused the deal to collapse. This led to widespread turmoil in energy markets, prompting investors to seek refuge in gold to protect their capital against escalating international conflict.