2 days ago
Gold, Silver Prices Fall After Renewed US-Iran Strikes
Gold and silver became cheaper in India on 31 August.
The drop happened after fighting between the United States and Iran started again.
The United States said it attacked Iranian rocket launchers to protect ships and sailors.
Iran responded by striking US bases in Jordan, according to the article.
These events made investors more worried about the future.
Gold prices also fell internationally in the previous trading session.
Higher interest rates can make gold less attractive because gold does not pay interest.
Prices were different in each Indian city and also differed by gold purity.
24-karat gold fell 1.22% to about ₹154,940 per 10 grams in India at 9:10 AM on 31 August.
999 silver declined 1.37% to approximately ₹238,870 per kilogram in the retail market.
MCX gold traded 1.14% lower at ₹154,496 per 10 grams, while MCX silver fell 1.28% to ₹239,341 per kilogram.
New Delhi and Kolkata recorded the lowest listed 24-karat gold rate at ₹154,350 per 10 grams.
The latest US-Iran military escalation increased market uncertainty as investors assessed the prospects for renewed diplomacy.
- Who
- Gold and silver traders, investors, the United States, and Iran were involved in the reported developments.
- What
- Indian retail and MCX gold and silver prices declined after renewed US-Iran military action.
- Where
- Prices were reported in New Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad, and Chennai; the military developments involved Iran, the Strait of Hormuz, and US bases in Jordan.
- When
- 31 August, with domestic prices reported around 9:10 AM; the US strike occurred on Sunday and Iran's response early Monday.
- Why
- The market reacted to renewed military escalation and uncertainty over whether diplomacy would resume, while expectations of higher US interest rates also weighed on gold.
US account
Iranian account
Reason for the US attack
US account
The US Central Command said Iran was preparing to send mines into the Strait of Hormuz, and that the attack was intended to protect civilian mariners, commercial shipping, and global commerce.
Iranian account
Iran described the US action as a deadly attack, according to the article.
Military response
US account
The United States carried out strikes against Iranian rocket launchers after a month-long pause in exchanges.
Iranian account
Iran launched strikes early Monday against what it called the attack and struck US bases in Jordan.
Key facts
- 24K retail gold
- About ₹154,940 per 10 grams; down 1.22% at 9:10 AM.
- 999 silver retail
- About ₹238,870 per kilogram; down 1.37% at 9:10 AM.
- MCX gold
- ₹154,496 per 10 grams; down 1.14%.
- MCX silver
- ₹239,341 per kilogram; down 1.28%.
- Lowest listed 24K rate
- ₹154,350 per 10 grams in New Delhi and Kolkata.
- International spot gold
- Held at $4,455.29 per ounce after falling more than 3% in the previous session.
- International spot silver
- Was flat at $66.34 per ounce.
Sources
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