Punjab Newsline | New Delhi
Gold prices witnessed a sharp decline following rising tensions in the Middle East and a strong warning to Iran by Donald Trump. In futures trade, gold prices dropped significantly by ₹6,608 per 10 grams.
Amid escalating geopolitical concerns, the bullion market saw major volatility. In futures trading, gold recorded a steep fall of 3.91%, marking a notable correction after recent gains.
On the Multi Commodity Exchange (MCX), gold contracts for June delivery slipped to a low of ₹1,47,100 per 10 grams, breaking a four-day rally. At the time of reporting, gold was trading at ₹1,48,480 per 10 grams, compared to the previous close of ₹1,53,708.
Trump stated, Severe strikes against Iran will continue for 2–3 weeks
Market experts attribute the decline to the strengthening of the US dollar following Trump’s latest remarks. Speaking from the White House, Trump stated that the US has nearly achieved its strategic objectives in Iran but will continue “very strong strikes” over the next two to three weeks.
The stronger dollar typically puts pressure on gold prices, making the precious metal more expensive for global buyers, thereby reducing demand.