Gold Prices Plummet 2% Amid US-Iran Tensions and Strengthening Dollar

Gold and silver prices continued to fluctuate in India's retail market on Sunday, July 26. The price of gold dropped over 2% to around $4,043 per ounce during US trading hours, marking its lowest level since July 7. Silver also saw a decline of nearly 4%. According to analysts, the main reasons behind these changes include international market pricing, import fees, taxes, and the blockage of the Strait of Hormuz.

The strengthening of the US dollar put pressure on demand for precious metals as foreign buyers increased their spending when the dollar strengthens. This led to a reduction in demand for safe investments like gold and silver. On MCX, the record high price for gold is Rs 1.93 lakh, while the record high price for silver is Rs 4.20 lakh.

The latest city-wise rates for gold in India are as follows: Delhi (24 carat: Rs 14,632 per gram, 22 carat: Rs 13,414 per gram), Mumbai (24 carat: Rs 14,617 per gram, 22 carat: Rs 13,399 per gram), Chennai (24 carat: Rs 14,729 per gram, 22 carat: Rs 13,501 per gram), and Kolkata (24 carat: Rs 14,617 per gram, 22 carat: Rs 13,501 per gram).