Gold Rate Today, August 5: Check 18, 22 and 24 carat gold prices in Chennai, Mumbai, Delhi, Kolkata and other cities

How the Iran war depleted America’s most powerful missile arsenal

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Tensions in West Asia

Diplomatic talks to reopen the Strait of Hormuz are gaining momentum, with Iran describing discussions with Oman as moving in a positive direction.

US Secretary of State Marco Rubio similarly noted progress in the negotiations, while Treasury Secretary Scott Bessent indicated that a deal could potentially be reached within the next day or two.

On July 23, oil prices skyrocketed as Brent crude rallied past $100 per barrel for the first time since May, posting a single-day gain of over 6%. The abrupt price spike reflects growing fears of global energy supply shocks triggered by escalating conflict in West Asia and recent strikes targeting commercial sea lanes.

Tensions in the region had briefly cooled following an unpredicted 60-day accord signed by the U.S. and Iran in mid-June 2026, which sought to pause military actions and safeguard critical transit routes. However, persistent strikes and ongoing maritime instability led to the rapid breakdown of the fragile truce, with both nations dissolving the agreement and resuming direct strikes.

With diplomatic channels breaking down, uncertainty in energy markets has reignited demand for gold as a traditional safe-haven against geopolitical instability. Local gold markets reflect this friction, with domestic rates fluctuating daily in response to international price trends, import duties, and exchange rate movements.