Gold and silver prices rise in India and Saudi Arabia

Gold and silver prices experienced upward movement across several markets on August 17. In India, 24-carat gold prices rose significantly, reaching approximately Rs 155,370 per 10 grams in some regions, while silver saw increases to roughly Rs 238,500 per kg. Major cities including Delhi, Mumbai, Kolkata, Hyderabad, and Chennai reported various price hikes for 22-carat and 24-carat gold.

In Saudi Arabia, gold prices also trended higher, with rates reaching approximately 530.20 Saudi Riyals per gram. The upward pressure on precious metals is attributed to several factors, including the US Federal Reserve's decision regarding interest rate hikes and the role of gold as a safe-haven asset and inflation hedge.

Market analysts note that gold prices are influenced by international bullion movements, US dollar fluctuations, and central bank policies. Central banks in emerging economies, such as China, India, and Turkey, have been noted for increasing their gold reserves to diversify assets and support currency strength.