US-Iran Tensions Spark Gold, Silver Price Plunge Amid $100+ Oil
Global gold and silver prices have dropped significantly due to rising tensions between the US and Iran. The intensification of war between Tehran and Washington has pushed oil prices above $100 per barrel, causing investors to shift their focus away from precious metals.
The spot price of gold fell nearly 2% to around $4,047.80 an ounce, while silver dropped about 3.46% to near $57.64. Gold futures expiring on August 05, 2026 dropped half a percent to Rs 141907 per 10 grams, and silver futures expiring on September 04, 2026 fell 0.65% to Rs 217941 per kg.
US President Donald Trump's warning of expanded military action against Iran has contributed to the surge in oil prices. The rising tensions have also caused investors to become more cautious, leading them to sell off their precious metal holdings and buy into other assets.