MCX Gold Hits 154,090 Rupees as US Threatens Iran with Fuel Ban
Indian bullion costs rise on US sanctions threats against Iran. Spot gold holds near 4,344 dollars while rupee rates climb.
Key points
- MCX gold futures rose 0.20% to 154,090 rupees per 10 grams on Tuesday.
- US Treasury Secretary Scott Bessent threatened to shut down all Iranian airlines from Wednesday.
- Chennai 24-karat gold reached 154,170 rupees, while Delhi hit 153,460 rupees.
MCX gold futures climbed 0.20% to 154,090 rupees per 10 grams on Tuesday. This gain followed US Treasury Secretary Scott Bessent’s warning to cut off Iranian aviation services.
Livemint reported that domestic retail rates rose across major cities. The move reflects heightened geopolitical risk and a firmer rupee stance against dollar-denominated bullion.
US sanctions pressure drives safe-haven demand
Bessent stated on CNBC that all Iranian airlines would be shut down from Wednesday. He threatened to exclude violators from the dollar system if they provided fuel or landing services.
This escalation increased uncertainty in global markets. Investors turned to gold as a hedge, pushing prices higher despite mixed signals from Federal Reserve officials.
Spot gold stabilizes near 4,344 dollars
International spot gold traded flat at 4,344.29 dollars per ounce as of 0151 GMT. US futures also steadied at 4,381.80 dollars, showing limited volatility during the session.
Expectations of higher-for-longer interest rates weighed on momentum. Traders awaited further comments from US policymakers to gauge the direction of monetary policy.
Retail rates vary across Indian cities
24-karat gold cost 154,170 rupees in Chennai and 153,460 rupees in Delhi. Silver 999 fine traded at 240,240 rupees per kilogram in Chennai.
Mumbai recorded lower prices, with 24-karat gold at 151,410 rupees. These variations reflect local taxes, making charges, and regional supply dynamics.
