Gold Prices Plummet in India Amid US-Iran War Pause

Gold prices in India plummeted on Monday morning following a pause in US-Iran war tensions and a firmer dollar index. National rates for 24-karat gold dropped to Rs 1,44,920 per 10 grams, down from last Friday's closing price of Rs 1,46,170.

This marks a decline of Rs 1,250 in just one day, with similar drops seen in 22-karat and 18-karat gold prices. Bullion dealers attribute the dip to reduced safe-haven demand following the pause in US-Iran tensions over the weekend.

The broader uptrend for gold prices remains intact despite Monday's decline, according to bullion dealers. However, analysts predict that gold may extend its current correction further unless fresh cues drive prices higher or lower.