Gold Prices Plummet in India Amid US-Iran Conflict Uncertainty
The price of gold in India's retail market dropped on Monday, September 7, due to ongoing uncertainty over the US-Iran conflict.
The US Energy Secretary said that the US may not reach a deal with Iran to constrain its nuclear program. This statement led to a decline in gold prices globally, as investors became more cautious about their investments.
In India, the 24-karat and 22-karat gold rates showed a marginal decrease across major cities. The MCX gold rate on September 7 was trading 0.28% lower at ₹152,910 per 10 grams, while the MCX silver futures were trading about 0.14% lower at ₹236,840 per kg.
The decline in gold prices can be attributed to several factors, including strong US jobs data and expectations of higher interest rates. The Federal Reserve's policy path is also a key factor influencing gold prices, as investors await the release of key inflation prints this week.