Gold and silver prices plummeted amid US-Iran tensions; both precious metals became significantly cheaper than their record highs. Gold and silver prices fell amid US-Iran tension, both precious metals became very cheap from record levels.

The direct and major impact of geopolitical tensions in the global market is being seen on the prices of precious metals. Due to increasing tension between America and Iran and latest military developments, there has been a huge fall in the prices of gold and silver in the Indian bullion market. Due to this global pressure, investors have booked huge profits in the domestic market, due to which this wedding season seems to be a great opportunity for those buying gold and silver. From the Multi Commodity Exchange (MCX) to the retail markets of major cities of the country, both the precious metals were seen trading in the red.

Why did gold and silver prices fall due to America and Iran dispute?

Market experts and commodity analysts believe that the increased tension between America and Iran in the Middle East has boosted the prices of crude oil. Due to the rise in crude oil prices, concerns about rising inflation at the global level have deepened again. Due to this fear of inflation, the possibility of cutting interest rates by the US Federal Reserve has reduced and there are indications of increasing the rates in the coming time. Due to the strong interest rates and the rise in the dollar index, the attraction of investors towards gold and silver in the international market (COMEX) has reduced slightly, due to which there is deep pressure on the prices.

How much did gold and silver become cheaper on Multi Commodity Exchange (MCX)?

Talking about the domestic futures market, a big fall was seen in both the precious metals in the early trading today on the Multi Commodity Exchange. Gold’s August futures contracts witnessed a steep fall of more than Rs 1,500 per 10 grams, taking its prices to around Rs 1,46,500. On the other hand, an even bigger fall was recorded in the prices of silver. The July futures contract of silver fell near Rs 2,31,600 per kg with huge weakness of more than Rs 3,800. Experts say that until there is stability in the global market, these fluctuations will continue at the domestic level also.

Today’s latest retail rates in major cities including Delhi, Mumbai

After this big fall, the prices of gold and silver have also come down significantly in the spot i.e. physical markets of the country. In the country’s capital Delhi and financial capital Mumbai, the prices of 24 carat pure gold have come down to the range of Rs 1,45,600 to Rs 1,45,800 per 10 grams. At the same time, the price of 22 carat gold, which is most commonly used for making jewellery, has also come down to the level of around Rs 1,33,500 per 10 grams. Bullion traders say that this fall in the prices of gold, which have been at record highs for some time, has brought great relief to those customers who were waiting for a long time for the prices to fall before making purchases.