Gold Prices Plunge Amid Escalating US-Iran Tensions
Gold prices took a hit on Wednesday as escalating U.S.-Iran tensions pushed oil prices higher, stoking inflation and rate-hike concerns ahead of key U.S. jobs data, according to Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of IBJA.
The price drop was attributed to the major escalation in U.S.-Iran tensions, which lifted oil prices for a third straight session and pushed Treasury yields higher. The global bond yields also climbed further, reversing gains from Treasury Secretary Scott Bessent's buyback announcement.
Tanishq's 22k gold jewellery price stood at Rs 14,260 per gram across major cities in India, while Malabar Gold & Diamonds' 22k gold jewellery price was Rs 13,935 per gram. Joyalukkas and Kalyan Jewellers also reported similar prices for their 22k gold jewellery.
The IBJA gold and silver rates showed a decrease in the fine gold (999) rate from Rs 15,318 to Rs 15,133 per gram, while the 22k gold rate dropped from Rs 14,951 to Rs 14,770 per gram. The silver rate also decreased from Rs 2,30,419 to Rs 2,28,360 per kg.