Gold Falls to Six-Month Low as US Strikes Iran
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- Spot gold fell 0.2% to $4,063.87 per ounce, hitting its lowest level since Nov 21 earlier that day (as of 0043 GMT).
- US gold futures for August delivery dropped 1.1% to $4,086.50 per ounce.
- Silver fell 0.9% to $63.15 per ounce; platinum lost 0.6% to $1,655.06, while palladium rose 1% to $1,225.25.
- Geopolitical tension from fresh U.S. strikes against Iran and President Trump’s warning of new attacks was cited as a driver of the metal price decline.
- Economic backdrop saw oil prices rise, inflation concerns increase, and expectations that the U.S. Federal Reserve will hike interest rates.
- Indian city rates showed 24‑karat gold ranging from ₹1,47,610 (Delhi) to ₹1,48,290 (Chennai) per 10 g, 22‑karat from ₹1,35,309 (Delhi) to ₹1,35,933 (Chennai), 18‑karat from ₹1,10,708 (Delhi) to ₹1,11,218 (Chennai), and 999 Fine silver from ₹2,36,390 (Delhi) to ₹2,37,480 (Chennai) per kg.
Why it matters: Gold and silver investors see immediate losses as prices slip to multi‑month lows, while oil producers benefit from the price rise sparked by U.S.-Iran clashes; the anticipated Fed rate hike further pressures borrowers and could shift capital toward higher‑yield assets.
