Indian Gold Futures Drop 0.12% on US-Iran Talks Reports
MCX gold contracts fell to ₹151,071 per 10 grams Thursday morning. Silver slipped 0.53% to ₹234,650 per kilogram.
Key points
- MCX Gold 5 October futures stood at ₹151,071 per 10 grams on September 24.
- MCX Silver 4 December contracts were down 0.53% at ₹234,650 per kilogram.
- Chennai recorded the highest 24-karat gold rate at ₹151,770 per 10 grams.
Indian gold futures fell 0.12% on Thursday, September 24, to ₹151,071 per 10 grams. Reports of fresh US-Iran talks triggered the decline in early trading hours.
Silver contracts dropped 0.53% to ₹234,650 per kilogram by 9:05 am. The metals eased as investors reacted to diplomatic developments between the two nations.
Diplomatic talks drive metal prices down
Tehran and Washington held their first indirect talks since July's ceasefire collapse. Officials communicated through mediators on Tuesday, reducing immediate safety-haven buying pressure.
These negotiations followed seven months of tension starting in February. The market responded to signs that the conflict might de-escalate through dialogue.
Retail rates vary across major cities
Mumbai 24-karat gold sold at ₹151,380 per 10 grams on Monday. Delhi rates were lower at ₹151,120, reflecting local market differences.
Chennai recorded the highest 24-karat price at ₹151,770 per 10 grams. Bengaluru followed closely with a rate of ₹151,450 for the same purity.
Silver 999 fine prices ranged from ₹233,710 in Kolkata to ₹234,710 in Chennai. These figures exclude making charges and taxes added by jewellers.
Long-term bull run supports demand
Gold prices rose over 75% last year, the strongest gain since 1979. Silver increased from roughly ₹78,600 per kg in 2023 to over ₹240,000 by September 2026.
Livemint reports this growth stems from global economic uncertainty and safe-haven demand. Currency fluctuations also contributed to the steep rise in silver values.
