Gold and Silver Prices Plummet Amid US-Iran Tensions
Gold prices on the Multi Commodity Exchange (MCX) fell sharply on Friday, reaching an intraday low of Rs 1,52,233 for October delivery. This marks a decline of 0.8% or Rs 1,233 from the previous day's close.
The precious metal later traded at Rs 1,52,415, down 0.68% or Rs 1,051 from its previous close. It had touched a session high of Rs 1,53,200, which was Rs 266 below its previous close.
Silver futures for September delivery also dropped by 1.27%, or Rs 2,993, to an intraday low of Rs 2,32,454. The metal later traded at Rs 2,32,880, lower by around 1% or Rs 2,567 from its previous close.
The decline in gold and silver prices was attributed to escalating tensions between the United States and Iran. US treasury secretary Scott Bessent had warned of unprecedented economic measures against Iran, which included greater economic isolation and a blockade of the Strait of Hormuz.