India, March 25 -- Gold prices surged on Wednesday amid the ongoing US-Iran war and the broader conflict in the Middle East region. The rate of 24-carat gold was recorded at Rs.14,429.7 per gram, up by Rs.4,905.0. Meanwhile, the 22-carat gold was priced at Rs.13,217.605 per gram, up by Rs.4492.98.

The rate of 24-carat gold has changed by around 3.7 per cent in the past week, whereas it changed by 15.96 per cent in the last month.

The price of silver on Wednesday was recorded at Rs.236338.0 per kg, up by Rs.11881.0.

After China, India is the world's second biggest consumer of gold. The majority of the gold requirement is met through imports and the recycling of domestic bullion locally.

While bullion is seen as a hedge against inflatio...