Gold and Silver Prices Tumble as US-Iran Tensions Escalate

Gold and silver prices recorded a notable correction this week, with both metals shedding more than Rs 1,500 and Rs 13,000 in value.

The India Bullion and Jewellers Association (IBJA) reported that 24-carat gold declined by Rs 1,576 to Rs 1,40,054 per 10 grams, compared with Rs 1,41,630 per 10 grams previously.

Across other karats, 22-carat gold eased to Rs 1,28,289 per 10 grams from Rs 1,29,733 per 10 grams, while 18-carat gold dropped to Rs 1,05,041 per 10 grams from Rs 1,06,223 per 10 grams.

The weekly range for 24-carat gold stretched from a low of Rs 1,40,054 per 10 grams, seen in the evening session on October 30, to a high of Rs 1,42,300 per 10 grams, recorded in the morning session on October 28.

Silver followed a similar pattern. Its rate decreased by Rs 13,071 to Rs 1,81,344 per kilogram from Rs 1,94,415 per kilogram.

Silver's weekly high stood at Rs 1,95,050 per kilogram, observed during the morning session on October 26. Its low of Rs 1,81,344 per kilogram was registered in the evening session on October 30.

IBJA publishes gold and silver prices twice daily, covering both morning and evening sessions.

In overseas markets, gold traded at roughly $3,885 per ounce, while silver was near $49 per ounce.

Analysts said heightened tensions between the United States and Iran were behind the fall. Persistent US attacks on Iran have kept geopolitical risks elevated. A stronger dollar index and crude oil sustaining above $110 a barrel have further pressured gold and silver.