Gold Rate Today: Gold Prices Fall Below 41,000 Per 10 Gram Mark Even as Tension Between US, Iran Remains

Mumbai, January 7:  Gold prices breached the 41,000 per 10-gram mark in the domestic market on Monday on the back of positive overseas trend from the international spot gold market and increased tension in the Middle East. On MCX, the gold futures rates slipped 0.5 percent to Rs 40,265 per 10 gram.

According to Good Returns, the price for 10 grams 24-carat gold was at Rs 40,710 on Tuesday.   The price of the gold has surged over Rs 1,200 per 10 gram over last two sessions on the back of heightened tension in the Middle East and due to a sharp fall in rupee against the US dollar. US-Iran Tensions: Oil Price Rises After Killing of Iranian General Qasem Soleimani Fuels War Fears.

The gold rates climbed 2 percent following news on mounting tensions between the US and Iran after the death of Qasem Soleimaniin. In a statement after the attack, the White House said, "At the direction of the President, the U.S. military has taken decisive defensive action to protect U.S. personnel abroad by killing Qasem Soleimani, the head of the Iranian Revolutionary Guard Corps-Quds Force, a US-designated Foreign Terrorist Organization. General Soleimani was actively developing plans to attack American diplomats and service members in Iraq and throughout the region."

Trump further threatened Iran of "major retaliation" if Tehran carried out any attack against America to avenge the killing of top military commander Qasem Soleimani and hinted at striking its cultural sites.

(The above story first appeared on LatestLY on Jan 07, 2020 12:07 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).