Gold and Silver Prices Drop in India Amid Geopolitical Tensions
On October 6, gold and silver prices in India saw a decline amidst ongoing geopolitical tensions between the US and Iran. President Donald Trump reported moving long-range bombers from the UK due to a threat linked to Iran, according to CNBC US. Despite this, international gold prices remained steady, with spot gold edging slightly lower to $4,133.59 per ounce, as a stronger dollar and elevated US Treasury yields balanced out reduced expectations of a Federal Reserve rate hike.
In India, both 24-karat and 22-karat gold prices dropped marginally across major cities. MCX gold rates fell 0.05% to ₹1,49,370 per 10 grams, while MCX silver futures declined 0.33% to ₹225,700 per kg. The retail market prices for gold and silver also reflected this downward trend.
In New Delhi, 24-karat gold was priced at ₹148,850 per 10 grams, and 22-karat gold at ₹136,440 per 10 grams, with silver at ₹224,900 per kg. Mumbai saw similar trends, with 24-karat gold at ₹149,100 per 10 grams and silver at ₹225,290 per kg. Other cities like Bengaluru, Kolkata, Hyderabad, and Chennai also reported slight decreases in gold and silver prices.