Gold Prices Tumble Amid US-Iran Conflict

Gold prices in India fell on September 18 amid ongoing US-Iran conflict. The United Nations fact-finding mission found evidence of US war crimes in Iran, lending credibility to Tehran's claims. According to a CNBC report, there are 'reasonable grounds' to believe that Washington's forces committed the war crime of launching indiscriminate attacks resulting in the loss of life or injury to civilians or damage to civilian objects.

In international markets, gold prices rose 0.2% to $4,346.65 per ounce due to lower oil prices and a subdued US dollar. However, market participants remained focused on Middle East developments and global monetary policy outlook.

Due to geopolitical uncertainty, both 24-karat and 22-karat gold rates declined in major Indian cities. In contrast, silver prices showed a marginal increase in the domestic bullion market. MCX gold rate dropped by 0.34% to ₹153,190 per 10 grams, while MCX silver futures rose 0.24% to ₹238,650 per kg.