Gold Prices Drop Across Major Cities as US-Iran Tensions Rise

Gold prices in India dropped on October 23, 2026, with 24 carat gold priced at Rs 14,248 per gram as per Good Returns, which is a decrease of Rs 190 from the previous day. The price of 22 carat gold stands at Rs 13,060 per gram, reflecting a drop of Rs 175, while 18 carat gold is priced at Rs 10,686 per gram, marking a decrease of Rs 143. Rates vary slightly by city, with Delhi recording Rs 14,263 for 24K gold and Rs 13,075 for 22K gold, while other cities like Mumbai, Chennai, Kolkata, Bangalore, Hyderabad, and Pune show standard rates of Rs 14,248 for 24K and Rs 13,060 for 22K.

Geopolitical Conflict

Al Jazeera reported that U.S. President Donald Trump hinted at more military action against Iran, stating that American forces have beaten the country badly. Iranian officials stated that seven oil tankers suffered damage in the Strait of Hormuz in a single day, marking the worst daily shipping damage since the war between the U.S., Israel, and Tehran began. Tensions escalated sharply after joint US-Israeli military strikes on February 28, 2026, resulted in the death of Supreme Leader Ali Khamenei. A Pakistan-mediated interim agreement achieved in June 2026 collapsed the following month, leading to ongoing maritime confrontations and diplomatic deadlock over Iran's nuclear programme.

Context

Precious metals like gold often see price adjustments during times of heightened global uncertainty and conflict, as market trends shift. The Strait of Hormuz remains a critical global shipping lane for oil and trade, making disruptions there a major factor in international stability.