Gold drops 10% in a Single Week

The war has entered its fourth week, and following fresh threats of attacks between the U.S. and Iran, gold prices have declined sharply since the start of this week, nearly wiping out all the gains made over the past year.

The growing conflict between the U.S. and Iran has sparked fears of rising inflation and a hike in global interest rates.

In India, gold prices opened at 1,40,158 rupees per 10 grams, a 3% drop compared to the previous closing of 1,44,492 rupees. In the past week alone, prices have crashed more than 10%.

Silver rates declined by 6% (13,606 rupees). Prices reached 2,13,166 rupees per kilogram.

In the domestic market, gold and silver prices saw an overall decline of 12-17% in March.