Gold Prices Drop Amid Escalating US-Iran Tensions

Gold and silver prices fluctuated on September 23 amid escalating US-Iran tensions and an elevated dollar. Spot gold declined by 0.60 percent to $4,338 per ounce in early trading. However, US gold futures rose by 0.07 percent to $4,379.40 per ounce.

The domestic spot gold closed the Tuesday session at Rs 1,51,879 per 10 grams, while silver held its price at Rs 2,33,261 per kilogram. MCX gold futures for the October delivery surged by 0.12 percent to Rs 1,52,900 per 10 grams, and silver surged by 0.29 percent to Rs 2,40,000 per kilogram from its previous close.

Analysts believe that precious metals are being pulled in opposite directions by currency, oil, and monetary policy forces.