Gold Prices Plummet as US-Iran Tensions Escalate
The price of gold and silver in India has taken a hit due to fresh tensions emerging between the US and Iran. According to MCX, the yellow metal's price fell nearly 2% in the domestic futures market on Monday, September 28. The MCX Gold 5 October futures stood at ₹148,092 per 10 grams, while MCX Silver 4 December contracts were at ₹228,566 per kg.
The tensions between the US and Iran have kept energy prices elevated, leading to a decline in gold prices. Additionally, US President Donald Trump expressed confidence that Washington will win the conflict with Tehran 'very soon,' adding that fresh military strikes ahead of the US midterms are 'possible.'
In the retail market, 24-karat gold was priced at ₹148,910/10 grams, while 22-karat gold was priced at ₹136,501/10 grams. Silver prices today are at ₹228,780/kg (Silver 999 Fine), according to Indian Bullion Association's (IBA) data.
The price of gold has risen by over 75% since last year, with silver prices seeing even steeper increases due to strong demand and currency fluctuations.