Indian Gold Hits 154k Rupees as US Threatens Iran Air Ban
Domestic gold prices rose to 154,090 rupees per 10 grams on Tuesday, driven by geopolitical tensions and steady global spot rates.
Key points
- MCX gold futures increased to 154,090 rupees per 10 grams on Tuesday, September 22.
- US Treasury Secretary Scott Bessent threatened to cut off Iranian airlines from global services.
- Chennai recorded the highest retail 24-karat gold price at 154,170 rupees per 10 grams.
MCX gold futures traded 0.20% higher at 154,090 rupees per 10 grams on Tuesday. This rise followed US Treasury Secretary Scott Bessent's threat to shut down Iranian aviation services.
Bessent warned that nations aiding Iran would be cut off from the dollar system. This escalation added to existing concerns about higher-for-longer interest rates in the United States.
Geopolitical risks drive safe-haven demand
Spot gold remained stable at 4,344.29 dollars per ounce in international markets. Investors awaited Federal Reserve comments while weighing the impact of US-Iran tensions.
The uncertainty pushed domestic bullion prices upward across major Indian cities. Silver futures also gained ground, reflecting broad risk-aversion in the commodities sector.
Retail rates vary across major cities
Livemint reports that 24-karat gold in Delhi cost 153,460 rupees per 10 grams. Mumbai prices were slightly lower, standing at 151,410 rupees for the same purity.
Chennai recorded the highest 24-karat rate at 154,170 rupees per 10 grams. Bengaluru and Kolkata showed similar pricing, hovering near the 153,500 rupee mark.
Silver prices track gold's upward move
MCX silver futures rose 0.29% to 240,100 rupees per kilogram. Retail 999 fine silver in Delhi was priced at 239,130 rupees per kilogram.
Mumbai silver rates were the lowest among listed cities at 230,420 rupees per kilogram. Chennai led silver pricing at 240,240 rupees, mirroring the gold trend.
