Gold Prices Plummet in India Amid US-Iran Conflict Uncertainty
Gold and silver prices in India's retail market declined on Friday, September 11, amid ongoing uncertainty over the US-Iran conflict. According to Trump, he would have attacked Iran despite the potential impact on the midterm elections.
The price drop was also influenced by robust US inflation data and rising oil prices, which increased bets for a Federal Reserve rate hike next week. As a result, spot gold fell 0.9% to $4,359.19 per ounce, while US gold futures dropped 1.3% to $4,402.5.
MCX gold rates in India were trading 0.76% lower at ₹151,610 per 10 grams. MCX silver futures were down by 1.25% at ₹230,670 per kg. The retail market saw a marginal decline in both 24-karat and 22-karat gold rates across major cities in India.
The latest prices for gold and silver are as follows: In New Delhi, the price of 24-karat gold was ₹151,150/10 gm, while 22-karat gold was priced at ₹138,554/10 gm. Silver 999 Fine was sold for ₹230,020/1 kg.