India's gold prices climb as Middle East tensions and a weaker dollar boost demand

India's retail price for 24-karat gold climbed to approximately ₹1,54,080 per 10 grams on Tuesday, marking a rise of ₹790 from the previous level. The uplift reflects growing investor appetite for safe-haven assets amid escalating US-Iran tensions and a weaker US dollar, which makes dollar-denominated bullion cheaper for non-dollar holders. Oil prices stayed volatile, with Brent crude trading close to $97 a barrel as concerns over possible shipping disruptions in the Strait of Hormuz persisted.

On the Multi Commodity Exchange, gold futures were quoted around ₹1,53,727 per 10 grams, while silver futures gained about 0.71% to ₹2,40,700 per kilogram. City-wise retail rates varied slightly, with Chennai posting the highest 24-karat price and New Delhi the lowest. Market analyst Chris Weston of Pepperstone Group said the market is caught between buyers and sellers, lacking strong conviction for a sustained move.