Gold prices went down in India on Monday, according to data from India’s Multi Commodity Exchange (MCX).
The price of gold was 72,319 Indian Rupees (INR) per 10 grams, which was INR 582 less than Friday’s price of INR 72,901.
In futures contracts, gold prices also dropped to INR 71,790 per 10 grams from INR 71,843.
However, the price of silver in futures contracts went up to INR 83,273 per kilogram from INR 82,813.
| Major Indian city | Gold Price |
|---|---|
| Ahmedabad | 74,965 |
| Mumbai | 74,760 |
| New Delhi | 74,870 |
| Chennai | 74,970 |
| Kolkata | 74,935 |
Global Market Movers: Comex Gold price cheers haven demand amid Iran-Israel conflict
Iran attacked Israel directly, which made people worry about a bigger war in the Middle East. This made the price of gold, which is seen as a safe investment in uncertain times, go up a bit on Monday.
Israeli leaders want to fight back, but the U.S. said it won’t join in, which calmed things down a bit and stopped gold prices from rising even more.
Also, last week, inflation in the U.S. was higher than expected, so investors now think the U.S. Federal Reserve won’t lower interest rates until September, instead of June like they thought before. This made the U.S. dollar stronger, which makes it harder for gold prices to go up.
Because of all this, people might not want to make big bets on gold until they see how things go with U.S. economic data coming out soon.
