Gold Drops Rs 1,850, Silver Rs 1,500 on US-Iran Tensions

New Delhi, Jun 3 (PTI) Gold prices declined by Rs 1,850 to Rs 1.59 lakh per 10 grams in the national capital on Wednesday amid weakness in global markets and uncertainty over the US-Iran ceasefire agreement.

According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity depreciated by Rs 1,850, or 1.14 per cent, to Rs 1,59,600 per 10 grams (inclusive of all taxes) from Tuesday's closing level of Rs 1,61,450 per 10 grams.

Silver prices also slumped by Rs 1,500, or 0.55 per cent, to Rs 2,69,500 per kilogram (inclusive of all taxes). The white metal had settled at Rs 2,71,000 per kg in the previous session.


Gold and silver prices dipped in the domestic markets on Wednesday amid escalating tensions between the US and Iran, which has fuelled fears of prolonged high interest rates, impacting precious metals, Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

In the international markets, spot gold fell 0.54 per cent to USD 4,463.84 per ounce and silver slipped 1 per cent to USD 74.43 per ounce.

Gold prices were under pressure as the US-Iran deal remains elusive, Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.