Gold Prices Fall as US-Iran Conflict Continues
The price of gold in India's retail market fell on August 28 amid ongoing uncertainty over the US-Iran conflict. According to reports, Iran has set conditions for reopening the Strait of Hormuz, including an end to wars and military operations in Lebanon, Gaza, and Syria.
This development does not seem to have led to a return to diplomacy, with the Trump administration reportedly having no interest in going back to the terms of the memorandum of understanding it reached with Iran in June. As a result, gold prices fell globally, with spot gold slipping 0.5% to $4,576.30 per ounce.
The decline in gold prices is also reflected in India's retail market, where both 24-karat and 22-karat gold rates are showing a marginal decline across major cities. Silver prices have also declined, with MCX gold rate trading 0.75% lower at ₹158,410 per 10 grams.