Gold and silver prices fall amid US-Iran tension

On Tuesday, Gold and silver prices fell sharply in India amid a decline in global markets and a rebound in rupee against the US dollar.

According to the prices given by the Indian Bullion and Jewellers Association, on January 7 the rate without GST for gold (purity-999) is Rs 40,537 while for gold with purity-995 is Rs 40,375. Silver prices, however, saw a drop to Rs 47, 145 per kg from Rs 47,955 per kg.

Gold prices according to purity levels are as follows:

999- Rs 40,537/-

995 - Rs 40,375/-

916 - Rs 37,132/-

750 - Rs 30,403/-

585 - Rs 23,714/-

The tensions in Middle East region rose after US killed top Iranian commander Qasem Soleimani following an air strike on Baghdad's international airport on Friday. On the Multi Commodity Exchange, gold contracts for February traded higher by Rs 18, or 0.04 per cent, at Rs 40,490 per 10 gram with a business turnover of 4,004 lots.

The yellow metal for April delivery traded higher by Rs 12, or 0.03 per cent, at Rs 40,691 per 10 gram in a business turnover of 288 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold prices rose 0.02 per cent to USD 1,569.10 per ounce in New York.

(Inputs from Agencies)

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