Gold Prices Plummet in India as Global Geopolitical Tensions Rise
Global commodity exchanges were sent into turmoil as Iran rejected a peace proposal from the United States. This geopolitical conflict in West Asia triggered a broad risk-off sentiment, leading to sharp drops in spot gold and silver prices.
The intense selling pressure forced both metals to break crucial Fibonacci support levels of 61.8% and 50%, sending their prices plummeting toward seven-week lows. On the Multi Commodity Exchange (MCX), gold futures slipped below the ₹1,50,000 per 10-gram mark, while silver dipped under its key support of ₹2,30,000 per kilogram.
The impact was felt across Indian metropolitan cities, with retail gold and silver rates undergoing steep corrections. In Chennai, gold prices fell to ₹14,908 per gram for 24K purity, ₹13,665 per gram for 22K purity, and ₹11,435 per gram for 18K purity.
Silver rates hovered around ₹240 per gram (₹2,40,000 per kilogram) nationwide, though regional transportation costs and local duties resulted in modest variations.