Gold Prices Plunge as Dollar Strengthens and US-Iran Tensions Rise

Gold prices fell on Wednesday in international markets due to a strong US dollar. The greenback reached a one-month high, making gold more expensive for overseas buyers. Spot gold decreased by 1.1% to $4,032.42 an ounce, while US gold futures for August delivery declined by the same percentage to $4,032.40.

The ongoing war between the US and Iran is adding to market volatility. The US Central Command reported that Iran targeted American forces in the Middle East with ballistic missiles late Tuesday. This development has raised tensions in the region after hostilities had briefly halted.

Gold prices in India are also experiencing volatility due to these global developments. In major cities, 24-karat and 22-karat gold rates are fluctuating continuously. Silver prices, however, rose marginally in the domestic bullion market.