Gold Prices Surge Amid US-Iran Conflict, Dollar Strength

The price of gold in India's retail market rose on Friday, September 25, amid ongoing uncertainty over the US-Iran conflict. The US Senate had narrowly voted down a resolution calling for an end to the war with Iran, which contributed to the increase in gold prices.

The international markets saw gold prices tick up on Friday but were set to post a weekly loss due to a stronger dollar and growing expectations that the Federal Reserve will keep interest rates elevated to contain inflation. Spot gold rose 0.2% to $4,288.36 per ounce by 0200 GMT.

Due to these developments, both 24-karat and 22-karat gold rates showed a marginal increase across major cities in India. Silver prices, on the other hand, declined in the domestic bullion market.