Gold Prices Drop Amid Rising Tensions in West Asia, Future Outlook Remains Positive
Gold and silver prices have dropped in India on September 24 due to rising tensions in West Asia, according to experts. The decline comes after a significant gain in August. Despite this recent downturn, gold is still expected to remain above current levels through 2026 and 2027, with some projections reaching as high as USD 6,000 per ounce by the end of 2026.
Gold prices have seen a sharp increase over the past year, with a 75% rise so far this year. The metal's value has been supported by safe-haven demand and global economic uncertainty. However, market expectations around further rate hikes could put pressure on gold and silver, as higher interest rates can reduce demand for precious metals.
According to Ajay Kedia, a commodity expert, 'The market is under long liquidation, with open interest declining 9.47% to 6,570 while prices fell ₹1,417. Gold now finds support at Rs 150,575, and a break below could expose Rs 149,855.' The latest gold prices in key Indian cities are as follows: Noida (Rs 1,49,470), Lucknow (Rs 1,49,470), New Delhi (Rs 1,54,080), Gurgaon (Rs 1,49,470), and so on.