Gold Price Plummets Amid Middle East Tensions
The gold price in India has decreased due to ongoing turmoil in the Middle East. According to Good Returns, the current price of 24 carat gold is Rs 15,480 per gram, marking a decrease of Rs 186 compared to September 4. The prices for 22 and 18 carat gold are also lower at Rs 14,190 and Rs 11,610 per gram respectively.
The Indian Express reports that domestic bullion markets have been fluctuating in line with international spot rates, import tariffs, and currency movements. With formal diplomatic avenues collapsed, investors have turned to gold as a safe-haven asset, causing prices to increase.
Despite the high 15% tax rate on precious metals, the market remains volatile due to tensions between the U.S. and Iran. U.S. President Donald Trump has reiterated his threat to strike Iran's Pickaxe Mountain facility, prompting Iranian Air Defence Commander Brigadier-General Alireza Elhami to declare that Iran is ready for any confrontation.