Gold Prices Drop Amid US-Iran Conflict Uncertainty

The price of gold in India's retail market declined on Wednesday, September 9, amidst ongoing uncertainty over the US-Iran conflict.

Ambitious claims by Iran that it has hit American vessels and eight oil tankers in the Gulf have pushed Brent crude to near $100 a barrel, fueling concerns about global oil supplies.

In international markets, gold prices firmed up as the dollar remained muted, while renewed attacks between the US and Iran kept the focus on the interest-rate outlook.

Spot gold rose 0.4% at $4,372.19 per ounce by 0230 GMT, while US gold futures lost 0.5% at $4,416.00.