Gold Bounces Back as Investors Reassess Positions Amid US-Iran Tensions

Gold prices rose on Thursday, September 24, as investors reassessed their positions in light of developments around the US-Iran conflict and oil prices. The precious metal recovered some ground after three consecutive sessions of declines.

The COMEX December gold futures contract was trading at $4,332.40 an ounce, up 0.32% from the previous close. This marks a slight recovery for gold, which had fallen about 1% in the previous session.

Meanwhile, silver prices remained under pressure, with COMEX futures down 0.45% at $64.67 an ounce. The recent correction in precious metal prices has led to changes in buying patterns among consumers.

Akshat Garg, Head of Research & Product at Choice Wealth, noted that domestic gold prices had risen around 60% in a year due to the global rally, rupee depreciation, and increase in import duty. Consumers are opting for lighter jewellery and directing investment allocations towards coins, digital gold, and gold ETFs.