Gold Prices Decline Amid US-Iran Conflict Uncertainty
The price of gold in India's retail market declined on Tuesday, September 15, due to ongoing uncertainty over the US-Iran conflict. Oil prices extended gains after reports of fresh Houthi strikes on Saudi Arabia and attacks by Iran on ships in the Gulf.
According to CNBC US, futures for international benchmark Brent crude for November delivery gained 1.25% to $107.00 a barrel, while US West Texas Intermediate futures for October advanced 1.27% at $102.68 per barrel.
In the domestic market, spot gold was little changed at $4,300.96 per ounce, and US gold futures were down 0.3% at $4,341.10. This led to a marginal decline in both 24-karat and 22-karat gold rates across major cities in India.
The MCX gold rate was trading 0.06% lower at ₹151,830 per 10 grams, while the MCX silver futures were trading about 0.39% lower at ₹231,670 per kg.