Gold Prices Plummet Amid US-Iran Conflict Uncertainty
Gold prices in India's retail market dropped on Friday, September 11, amid ongoing uncertainty over the US-Iran conflict. The price of gold has been affected by robust US inflation data and rising oil prices, which increased bets for a Federal Reserve rate hike next week.
The MCX gold rate on September 11 was trading 0.76% lower at ₹151,610 per 10 grams. Spot gold slipped 0.9% to $4,359.19 per ounce, while US gold futures fell 1.3% to $4,402.5.
In the retail market, both 24-karat and 22-karat gold rates are showing a marginal decline across major cities in India. Silver prices also dropped in the domestic bullion market. The MCX silver futures were trading about 1.25% lower at ₹230,670 per kg at around 9:13 am.
The US-Iran conflict has added to the uncertainty surrounding gold prices. Trump said he would have attacked Iran despite the impact on the midterm elections, according to a report by CNBC US.