Gold Prices Plummet Amid US-Iran Conflict

The price of gold and silver in India's retail market fell on Monday, August 31, due to the resumption of hostilities between the US and Iran. The conflict led to a decline in gold prices, with 24-karat gold falling by 1.22% to ₹154,940 per 10 grams, while 999 silver declined by 1.37% to ₹238,870 per kg.

The market volatility was triggered by the US's military action against Iran, which responded with strikes on US bases in Jordan. This escalation raised concerns about a return to diplomacy and led to uncertainty in the market.

Gold prices remained flat in the international market, having fallen more than 3% in the previous session due to expectations of a US Federal Reserve rate hike. Spot gold held its ground at $4,455.29 per ounce.