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Gold Prices Tumble to 4-Month Low Amid War Fears
23 Mar
Summary
- Gold and silver prices dropped significantly on Monday.
- Global bullion prices weakened due to US-Iran war concerns.
- MCX gold rate saw a sharp drop of nearly 5% at one point.
Bullion markets experienced a significant downturn on Monday, with gold and silver prices plummeting to multi-month lows. Global sentiment turned negative as escalating tensions between the US and Iran stoked fears of inflation and higher global interest rates. This geopolitical uncertainty led to a sharp decline in precious metal values.
In India, gold prices on the MCX opened significantly lower, dropping by 3% from their previous close. The rate hit a low of ₹1,37,377 per 10 grams, marking a substantial fall of 4.92%. Internationally, spot gold prices fell by 2.5%, extending losses for a ninth consecutive session to reach a four-month low. US gold futures also saw a considerable drop.
Spot silver prices were not spared, plunging by 3.2% to $65.61 per ounce. The combined sell-off in both gold and silver highlights a broad market reaction to heightened geopolitical risks and potential shifts in monetary policy, as investors sought safer assets.
