Gold, Silver Slide in India on Dollar Strength, US-Iran Talks

For gold, the combination of a stronger dollar and lower oil prices creates pressure. Oil's decline can pull down inflation expectations, which tends to push real yields higher and weigh on non-yielding bullion. That dynamic may have offset any safe-haven demand from the geopolitical uncertainty. A detailed look at gold's price drivers is available in our gold profile.

Retail gold and silver rates across Indian cities reflected the MCX moves. In Delhi, 24-karat gold was at ₹140,650 per 10 grams. Silver 999 was at ₹219,810 per kg. Mumbai saw 24K at ₹140,890 and silver at ₹220,180. Kolkata rates were ₹140,710 and ₹219,890 respectively. The smallest decline was in Chennai, where 24K gold traded at ₹141,300.

The US-Iran talks are set to take place Tuesday in Doha. Japanese officials have not commented on the yen's slide, and traders are watching for any intervention signal that could shift the dollar's path.