Gold, Silver Prices Plummet Amid US-Iran Tensions
The price of gold and silver in India fell sharply on Monday, September 28, amid rising tensions between the US and Iran. According to MCX data, gold futures stood at ₹148,092 per 10 grams, down nearly 2% from previous levels. The decline was triggered by reports of fresh conflicts emerging between the two countries.
US President Donald Trump expressed confidence that Washington would win the conflict with Tehran 'very soon,' and hinted at possible military strikes ahead of the US midterms. Iran maintained its conditions for reopening the Strait of Hormuz, stating it would not soften its demands despite the proposed ceasefire.
The impact was felt in the retail market as well, with 24-karat gold priced at ₹148,910/10 grams and 22-karat gold at ₹136,501/10 grams. Silver prices also fell to ₹228,780/kg (Silver 999 Fine), according to Indian Bullion Association's data.
The price fluctuations are significant, considering that gold has risen by over 75% since last year, while silver rates have more than tripled in recent months due to strong demand and currency fluctuations.