Indian Gold Prices Plummet Rs 8,900 in Five Sessions Amid US-Iran Tensions

Gold prices in India have been under pressure for the past five sessions, plummeting by Rs 8,900 or 5.3% to trade at Rs 1.58 lakh per 10 grams on Tuesday.

This slump comes after a fresh escalation between the US and Iran pushed oil prices higher, stoking inflation concerns and sharpening the focus on the interest-rate outlook.

According to local traders, gold of 99.9% purity fell by Rs 2,700 to a nearly two-week low of Rs 1,58,200 per 10 grams (inclusive of all taxes) from Monday's closing level of Rs 1,60,900 per 10 grams.

Over the past five days, gold has lost significant value, falling from Rs 1,67,100 per 10 grams recorded on August 25. Silver also declined by Rs 5,000 to trade at Rs 2,40,500 per kg (inclusive of all taxes).