Gold Prices Plummet by 0.72% Amid US-Iran Tensions
Gold prices in India dropped by 0.72% on September 2nd, 2026, with the price of 24K gold reaching ₹150,780 per 10 grams.
This decline is largely due to the renewed military escalations between the US and Iran, which have increased concerns over supply disruptions through the Strait of Hormuz and further stoked inflationary concerns.
The safe-haven demand for the dollar has also increased, as the dollar index climbed to its highest levels in three weeks, making precious metals like gold more expensive for holders of other currencies.
Analysts suggest that gold prices will remain range-bound over the near term, weighed by a spike in crude oil prices and a firm dollar.
Jigar Trivedi, Senior Research Analyst at IndusInd Securities, stated, 'MCX Gold October may continue with the downward trajectory as sentiment is weak in the global markets. Rs. 151,000/10g is support for the day.'