US-Iran Tensions Send Gold, Silver Prices Plummeting

The global gold and silver prices have been under pressure due to rising tensions between Iran and the US. President Donald Trump has threatened to attack Iranian power plants if they target ships in the Strait of Hormuz, causing oil prices to surge above $100 per barrel.

The escalating conflict has led to a sharp drop in gold futures, with prices falling 0.5% to Rs 141907 per 10 grams on Friday. Silver futures have also declined by 0.65% to Rs 217941 per kg.

Globally, spot gold has dropped nearly 2% to around $4,047.80 an ounce, while spot silver has fallen more sharply, down about 3.46% to near $57.64.