Commodities
Gold and Silver Prices Plummet Amid US-Iran Tensions
The price of gold and silver in India's retail market dropped on Sunday amid ongoing tensions between the United States and Iran. The spot price of gold fell by over 2% to around $4,043 per ounce during US trading.
Silver also experienced a decline, with spot prices dropping nearly 4%. The fluctuations in the market are attributed to various factors, including international market pricing, import fees, taxes, and the blockage of the Strait of Hormuz.
The strengthening of the US dollar has also put pressure on demand for precious metals. When the dollar strengthens, foreign buyers tend to increase their spending, reducing demand for safe investments like gold and silver.