Gold Prices Plummet Amid Ongoing Middle East Tensions

The price of gold in India has taken a dip due to ongoing turmoil in the Middle East. According to Good Returns, the current price of 24-carat gold stands at Rs 15,824 per gram, down from Rs 16,113 on August 28. The price of 22-carat and 18-carat gold also saw a decrease, standing at Rs 14,505 per gram and Rs 11,868 per gram respectively.

The fluctuations in the precious metal market are attributed to the ongoing regional conflict in West Asia, which has led to a rise in crude oil prices. Energy traders are concerned that prolonged fighting could disrupt crude exports from major Middle Eastern suppliers, further driving up gold prices as investors seek safe-haven assets.