Gold and Silver Prices in India: Latest Rates for 24Kt, 22Kt Gold and 999 Silver in Major Cities

Gold and Silver Prices Plummet Amid Escalating US-Iran Tensions

Market fluctuations have taken a significant hit on Monday, 20 April, as gold and silver prices dropped up to 2.5% following a series of attacks in the Strait of Hormuz over the weekend. This development has revived concerns about disruptions to energy supplies and added to inflation worries amidst the prolonged conflict in the Middle East.

The COMEX gold rate today plummeted 2% to $4,780 per ounce, erasing most of last week's 1.7% advance. Meanwhile, the COMEX silver rate today plunged 2.5% to $78.75 per ounce during the Asian trading hours on Monday. Since the beginning of the US-Iran war in late February, gold has declined roughly 9%, and silver has lost around 14%.

These fluctuations are a concern for all retail buyers, as jewellers often include making charges, taxes, and GST, which can significantly raise the final cost of gold. For instance, in major Indian cities, the prices of gold and silver are as follows:

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The ongoing conflict in the Middle East has cast a shadow over the prospects of US-Iran peace talks in Islamabad. US President Donald Trump stated that the United States Navy fired on and seized an Iranian-flagged cargo vessel, while Tehran warned that ships approaching the Strait of Hormuz would be considered in breach of the ceasefire. This escalation has led to Dow futures in the US dropping by 400 points, reflecting the tense situation.

As tensions continue to rise, investors are eagerly awaiting further developments on the negotiations and how they will impact commodity prices. The market is likely to reflect these developments in the coming days.