Gold Prices Plunge Below ₹1.50 Lakh Amid US-Iran Impasse

Gold prices slipped below ₹1.50 lakh per 10 gram on Monday, September 28, due to an impasse in US-Iran talks. The elevated crude oil prices and expectations of further interest rate hikes by the Federal Reserve kept gold under pressure.

In the global market, gold futures on Comex fell to around $4,230 per ounce, a seven-week low. Silver futures also dropped below $62.50 per ounce.

Vikram Subburaj, CEO of Giottus.com, attributed the decline in gold and silver prices to elevated oil prices, which increased inflation concerns and expectations of further interest rate hikes in the US.

Ajay Kedia, director of Kedia Advisory, predicted that gold could trade between ₹1,49,505 to ₹1,52,685 on Monday, while silver could trade between ₹2,29,965 to ₹2,39,565 per kg.