Gold, Silver Prices Decline Amid Escalating Middle East Tensions and Stronger Dollar

The price of gold and silver remained under pressure on September 16 due to escalating Middle East tensions, rising oil prices, and a stronger dollar. Spot gold declined by 0.29% to $4,282 per ounce, while US gold futures fell 0.10% to $4,328.

The Fed's two-day policy meeting, which started on September 15, also contributed to the decline in gold prices. Meanwhile, silver held its price at $63.62 per ounce, unchanged from its previous close.

In India, domestic spot gold closed the Tuesday session at Rs 1,50,143 per 10 grams on MCX, while silver closed at Rs 2,27,295 per kilogram. The dollar strengthened for the sixth straight session against the rupee at 95.88 amid elevated Brent crude oil prices.