Gold, silver prices today, 28 August: Check retail rates of 24K, 22K gold, 999 silver in Delhi, Mumbai and Kolkata

Gold and silver prices: The price of the yellow metal in India's retail market declined on Friday, 28 August, amid ongoing uncertainty over the US-Iran conflict in the Middle East.

Iran has set out its conditions to reopen the Strait of Hormuz , saying that ​ending the wars in the Middle East was among them. Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, told Lebanese media outlet Al Manar TV that any understanding on the Strait with the US will include an end to wars and military operations in Lebanon, Gaza and Syria, as per a detailed report by CNBC US.

However, a return to diplomacy does not seem imminent. The Wall Street Journal reported on Thursday that the Trump administration has no interest in going back to the terms of the memorandum of understanding it reached with Iran in June.

Consequently, in the international market, gold slipped on Friday as market participants closely watched remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.

Spot gold fell 0.5% to $4,576.30 per ounce by 0157 GMT after hitting a more than three-month high earlier this week following the US Treasury’s announcement of support measures for long-duration bonds. US gold futures eased 0.8% to $4,629.00.

Due to these developments, both 24-karat and 22-karat gold rates are showing a marginal decline across major cities in India. Silver prices, on the other hand, also declined in the domestic bullion market.

MCX gold rate on 28 August was trading 0.75% lower at ₹ 158,410 per 10 grams. MCX silver futures, on the other hand, were trading about 0.43% lower at ₹ 240,750 per kg at around 9:13 AM.

In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it's more durable.

Here's a look at the latest gold prices across major Indian cities on 28 August.

Shivam writes on personal finance, equity markets, and mutual funds. He has previously contributed to several leading publications, including Moneycontrol. He can be reached at [email protected]

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