Gold and Silver Prices Dip in India Amid Geopolitical Tensions
Gold and silver prices in India saw a slight decline on Wednesday, 7 October, reflecting broader market trends amid geopolitical tensions. The drop comes as Iran escalated attacks on commercial vessels in the Strait of Hormuz, threatening oil exports and creating uncertainty in global markets. Internationally, spot gold prices fell 0.3% to $4,150.23 per ounce, while US gold futures dipped 0.2% to $4,177.60.
In the domestic market, the price of 24-karat and 22-karat gold decreased across major cities. The MCX gold rate traded 0.33% lower at ₹1,49,780 per 10 grams, and MCX silver futures dropped 0.52% to ₹2,26,410 per kg. The decline in prices was attributed to the ongoing geopolitical risks and their impact on commodity markets.
Retail prices for gold and silver varied slightly across cities. In New Delhi, 24-karat gold was priced at ₹149,320 per 10 grams, while 22-karat gold was at ₹136,877 per 10 grams. In Mumbai, the corresponding rates were ₹149,580 and ₹137,115 per 10 grams. Similar trends were observed in Bengaluru, Kolkata, Hyderabad, and Chennai, with marginal differences in pricing.
The decrease in gold and silver prices highlights the sensitivity of precious metals to geopolitical developments. Investors are advised to monitor these trends closely, as fluctuations can impact both retail and market prices.