Commodities
Gold Prices Slide Amidst Ongoing US-Iran Conflict Uncertainty
Gold and silver prices in India declined on Friday, August 28, amidst ongoing uncertainty over the US-Iran conflict in the Middle East.
The price of gold slipped 0.5% to $4,576.30 per ounce after hitting a more than three-month high earlier in the week following the US Treasury's announcement of support measures for long-duration bonds.
In the international market, Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole symposium were closely watched by market participants, leading to the decline in gold prices.
The retail market saw a marginal decline in both 24-karat and 22-karat gold rates across major cities in India. Silver prices also declined in the domestic bullion market.