Gold Prices Drop Amid Ongoing US-Iran Conflict Uncertainty
The price of gold in India's retail market declined on September 10 amid ongoing uncertainty over the US-Iran conflict. The conflict has raised concerns about global economic stability, leading to a drop in gold prices worldwide. According to data from international markets, spot gold jumped 1.5% to $4,418.71 per ounce, while US gold futures for December delivery gained 0.6% to $4,464.30.
The decline in gold prices in India was also influenced by the ongoing oil price rally and investors' anticipation of key US inflation data this week, which will provide clues to the Federal Reserve's monetary policy. The MCX gold rate on September 10 was trading 0.03% lower at ₹154,240 per 10 grams.
The prices of 24-karat and 22-karat gold in major Indian cities also showed a marginal decline due to the global market trends. For instance, the price of 24-karat gold in Delhi on September 10 was ₹153,610 per 10 grams, while it was ₹153,880 per 10 grams in Mumbai.
Similarly, silver prices dropped in the domestic bullion market, with MCX silver futures trading about 0.49% lower at ₹242,820 per kg.