Impact Of US-Iran Tensions: Gold Prices Fall By 2,500 In Delhi, Silver Also Becomes Cheaper
The rising tension between the US and Iran is now affecting the Indian gold market. The price of 99.9% pure gold in Delhi fell significantly by ₹2,500 to ₹1,60,400 per 10 grams. Earlier, on Friday, it was priced at ₹1,62,900 per 10 grams. Silver prices also fell by ₹5,000 or about 2% to ₹2,69,700 per kg.
According to Sawmil Gandhi, senior commodity analyst at HDFC Securities, the US-Iran tensions led to a rise in crude oil prices and a strengthening dollar, which affected gold prices. The rise in US Treasury bond yields also affected the demand for precious metals like gold and silver. In the international market, spot gold fell about 1 percent to $4,504.97 an ounce, while spot silver rose 1 percent and was trading at $75.93 an ounce.
Kotak Securities AVP Commodity Research, Kainat Chainwala said that gold and silver prices continue to fluctuate amid uncertainty over the US-Iran ceasefire. On Monday, gold was seen trading around $4,500 an ounce and silver around $76 an ounce. This week, investors will be keeping an eye on US employment data, comments from Federal Reserve officials and statements by Treasury Secretary Scott Besant. Apart from this, the situation in West Asia can also play a significant role in determining the direction of gold and silver prices.
