SRINAGAR: Gold prices in India recorded a sharp decline on Monday, with 24-karat gold falling by Rs 3,380 per 10 grams, marking the steepest single-session drop in several weeks despite heightened geopolitical tensions in the Middle East.
The national price of 24-karat gold (99.9 per cent purity) fell to Rs 1,52,720 per 10 grams from Rs 1,56,100 on Friday. The price of 22-karat gold (91.6 per cent purity) declined by Rs 3,100 to Rs 1,39,990 per 10 grams, while 18-karat gold (75 per cent purity) dropped by Rs 2,530 to Rs 1,14,540 per 10 grams.
On a per-gram basis, 24K gold was priced at Rs 15,272, 22K at Rs 13,999 and 18K at Rs 11,454.
The sharp fall came even as tensions escalated in the Middle East following renewed military exchanges between Israel and Iran over the weekend. Israel reportedly carried out fresh strikes in the Beirut area on Sunday, while Iran responded with a missile barrage targeting Israeli positions.
Meanwhile, Brent crude oil rose more than 2 per cent in early Monday trading, climbing above $95 a barrel amid concerns over regional stability.
Market observers noted that the decline in domestic gold prices highlights that local bullion rates do not always move in tandem with geopolitical developments, despite gold traditionally being viewed as a safe-haven asset during periods of global uncertainty.
