Commodities
Gold Prices Plummet as US-Iran Tensions Escalate
The price of gold in India's retail market declined on July 31 due to ongoing uncertainty and tensions between the US and Iran.
The dollar index rose by about 0.40%, making gold more expensive for buyers using overseas currencies.
Oil prices declined after Saudi Arabia proposed a naval coalition to protect key trade routes as ships come under attack from Iran and its allies in the Red Sea and Strait of Hormuz.
As a result, both 24-karat and 22-karat gold rates showed a marginal decline across major cities in India. Silver prices also declined in the domestic bullion market.