Gold Rate Today, August 29: Check 18, 22 and 24 carat gold prices in Chennai, Mumbai, Delhi, Kolkata and other cities
On August 29, 2026, the price of gold in India per gram was Rs 15,824 for 24 carat, Rs 14,505 for 22 carat, and Rs 11,868 for 18 carat gold, according to Good Returns. There was a decline of Rs 289 in the price of 24K gold, Rs 265 in the price of 22K gold, and Rs 217 in the price of 18K gold compared to the previous day, August 28, 2026.
International market uncertainties and high tax rates initially caused a brief dip in gold and silver prices. However, ongoing conflicts in the Middle East have continued to cause fluctuations in precious metal markets on a daily basis. The situation in West Asia became more tense when the IRGC of Iran claimed to have total control over the Strait of Hormuz and accused U.S. officials of fabricating claims about the waterway to manipulate global oil markets.
Meanwhile, the White House stated that its naval blockade was fully operational, asserting that the strait was open and free of mines, but confirmed that Washington was not involved in any discussions with Tehran.
Brent crude oil prices decreased by 39 cents (0.43%) to reach $89.31 per barrel, while West Texas Intermediate (WTI) fell by 13 cents (0.16%) to close at $83.40 per barrel. Over the past week, both Brent and WTI experienced declines of over 5% and 4% respectively. Energy traders are becoming increasingly concerned that prolonged regional conflicts could severely disrupt crude exports from major Middle Eastern suppliers, including Saudi Arabia, Iraq, the UAE, and Kuwait.
A brief ceasefire, negotiated by Washington and Tehran, aimed to halt hostilities and protect crucial shipping lanes for 60 days in mid-June 2026. However, relentless missile strikes and ongoing threats against commercial vessels quickly ended the fragile agreement, leading both countries to resume active fighting. Diplomatic negotiations have completely broken down, causing significant volatility in energy markets.
Investors turned to gold as a safe-haven asset amidst these broader financial strains. Local gold prices in Indian cities such as Chennai, Mumbai, Delhi, Kolkata, Bangalore, Hyderabad, Pune, Vadodara, and Ahmedabad followed the international spot rates, influenced by import tariffs and currency movements.
Written by urgent.news from The Indian Express's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
