Iran Economic Threat Sends Gold Prices into Decline
US Treasury Secretary Scott Bessent's comments on Iran have sent shockwaves through global markets, causing gold and silver prices to dip across India. On Friday, August 14, Bessent claimed that the US will use 'never-before-seen' economic measures against Iran.
The MCX gold rate was trading 0.55% lower at ₹152,750 per 10 grams, while MCX silver futures were down 0.98% at ₹234,480 per kg as of 9:13 am. In the retail market, 24-karat and 22-karat gold rates saw a marginal decline across major cities in India.
The price drop is attributed to ongoing geopolitical tensions between the US and Iran, which risks affecting even the UK's economy. The UK's official data showed its economy grew by 0.4% in the second quarter after a 0.6% expansion in the first quarter.