India's Gold and Silver Prices Surge Amid US-Iran Tensions
On Thursday, October 1, gold and silver prices rose in India during early trading. This increase was attributed to renewed uncertainty surrounding US-Iran relations.
The MCX Gold November 5 futures were trading at ₹1,48,288 per 10 grams, up nearly 0.24%, while the MCX Silver December 4 contracts gained around 0.9% to ₹2,25,730 per kg by 9:05 am.
Retail gold prices saw 24-carat gold priced at ₹1,49,590 per 10 grams and 22-carat gold at ₹1,37,124 per 10 grams, according to data from the Indian Bullion Association. Silver 999 Fine was priced at ₹2,25,920 per kg.
The rise in precious metal prices came amid reports of renewed tensions between the United States and Iran following indirect talks that had stalled. US President Donald Trump stated that Washington faced a choice between further military action against Iran and reaching an agreement with Tehran.