Gold Prices Plummet Amid US-Iran Tensions and Modi's Economic Appeal
Gold prices saw a significant drop in the national capital due to heightened tensions between the US and Iran, following President Trump's rejection of Tehran's response to a peace proposal. Additionally, Indian Prime Minister Narendra Modi's call to defer gold purchases contributed to the price decline.
Gold prices in the national capital fell by Rs 600 to Rs 1.55 lakh per 10 grams on Monday, influenced by international tensions and national economic strategies.
The drop came after US President Donald Trump dismissed Tehran's peace negotiation response, sparking fears of renewed conflict in West Asia.
Prime Minister Narendra Modi's urge to postpone non-essential gold purchases further pressured prices, aiming to stabilize India's external balances. Meanwhile, silver prices rose amid robust retail demand as the wedding season approaches.
(With inputs from agencies.)
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