Gold Prices Plummet in India Amid Global Uncertainty
Gold and silver prices saw a sharp decline in India's domestic market on September 29, amid continued global uncertainty and pressure on precious metals. The Multi Commodity Exchange (MCX) reported gold futures for October 5 at ₹1,46,513 per 10 grams, while December silver futures were trading at ₹2,27,390 per kg around 9 am.
The decline was attributed to the ongoing US-Iran deadlock over the Strait of Hormuz, which kept energy costs elevated and added to concerns over inflation and interest rates. Additionally, uncertainty over a possible agreement between Washington and Tehran weighed on sentiment in bullion markets.
In India's retail market, 24-karat gold was priced at ₹1,47,250 per 10 grams in Mumbai, while 22-karat gold was available at ₹1,34,979 per 10 grams. The 999-fine silver rate in Mumbai stood at ₹2,25,870 per kg.