Gold Prices Plummet Amid US-Iran Conflict Fears

Gold prices declined nearly 3% on a weekly basis due to the repricing of US monetary policy and an increase in crude oil prices, which raised inflation concerns. On Friday, MCX gold futures (October) rose by 0.03%, while MCX silver futures (September) fell by 0.07%. The price of gold stood at Rs 1,52,815, while the price of silver was at Rs 2,37,500. This decline in gold prices is attributed to the uncertainty surrounding the US-Iran conflict and its potential impact on global markets.