If you are planning to buy gold and silver, this might be the right time. Prices for both metals have surged rapidly due to escalating tensions between the US and Iran and strong support from global markets. On Monday, August 24, gold prices in the national capital, New Delhi, breached the ₹1.64 lakh per 10-gram mark, hitting a five-month high. Meanwhile, silver prices also climbed to a four-month peak.

**How ​​much did prices rise today?**
According to the latest data from the All India Bullion Association, gold (99.9% purity) jumped by ₹900 to reach ₹1,64,400 (inclusive of all taxes). It stood at ₹1,63,500 on Friday. Gold has touched this significant level for the first time since March 9, when the price was ₹1,64,300 per 10 grams.

Silver also saw its value rise sharply. It recorded a significant surge for the third consecutive day, climbing by ₹3,500 to reach ₹2,53,500 per kilogram—a four-month high. Silver has reached this price point for the first time since April 17.

**What is the situation in the international market?**
In the global market, gold has jumped 1.14% ($53) to trade at $4,733.90 per ounce. This is its highest level since May. Over the past week, gold has risen by 5% and silver by 7%. Currently, silver is hovering around $69 per ounce.

**The Big Question: Why have prices skyrocketed?**
According to Gaurav Garg, Head of Research at Lemon Markets, the surge in the domestic market is driven by US-Iran tensions, a weakening dollar, and strong demand for safe-haven investments. Meanwhile, Kaynat Chainwala, AVP (Commodity Research) at Kotak Securities, stated that this surge is the result not only of geopolitical tensions but also of macroeconomic shifts in the US.

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