Gold prices in India fell on Monday, September 28, amid escalating tensions between the United States and Iran. The MCX Gold 5 October futures decreased by nearly 2%, trading at ₹148,092 per 10 grams in the morning. Investors are closely monitoring the situation.
The MCX Silver 4 December contracts also declined, dropping 2.6% to ₹228,566 per kilogram by 9:03 am. Iran's efforts to maintain open access to the Strait of Hormuz, a critical shipping route, contribute to the current market conditions. Meanwhile, US President Donald Trump dismissed a proposed seven-day ceasefire.
In the retail market, 24-carat gold was priced at ₹148,910 per 10 grams, while 22-carat gold was valued at ₹136,501 per 10 grams. Silver was listed at ₹228,780 per kilogram, according to the Indian Bullion Association (IBA). These figures reflect the ongoing volatility in precious metal prices influenced by global events.
President Trump has expressed optimism for a swift resolution with Tehran but indicated that military action remains a possibility. This uncertainty is affecting gold and silver prices as investors seek stable assets during global instability.
Gold and Silver Prices Across Major Indian Cities
- Mumbai: 24-carat gold at ₹148,580 per 10 grams, 22-carat gold at ₹136,198 per 10 grams, and Silver 999 Fine at ₹228,150 per kilogram.
- New Delhi: 24-carat gold at ₹148,320 per 10 grams, 22-carat gold at ₹135,960 per 10 grams, and Silver 999 Fine at ₹227,760 per kilogram.
- Bengaluru: 24-carat gold at ₹148,700 per 10 grams, 22-carat gold at ₹136,308 per 10 grams, and Silver 999 Fine at ₹228,330 per kilogram.
- Kolkata: 24-carat gold at ₹148,380 per 10 grams, 22-carat gold at ₹136,015 per 10 grams, and Silver 999 Fine at ₹227,850 per kilogram.
- Hyderabad: 24-carat gold at ₹148,810 per 10 grams, 22-carat gold at ₹136,409 per 10 grams, and Silver 999 Fine at ₹228,520 per kilogram.
- Chennai: 24-carat gold at ₹149,070 per 10 grams, 22-carat gold at ₹136,648 per 10 grams, and Silver 999 Fine at ₹229,030 per kilogram.
As geopolitical tensions continue to influence market dynamics, investors remain cautious. The US-Iran standoff, along with possible military actions, keeps the market on edge. Precious metals, regarded as safe investments during turmoil, are expected to remain volatile as the situation develops.
