Israel-Iran Crisis: Gold prices dip after sharp rise on day of strike

Gold prices saw a dip on the day after a sharp rise driven by Iran's 180-ballistic missile attack on Israel

Rising tensions between Israel and Iran initially sent gold prices rising on Wednesday, October 2, 2024. However, the gold prices have seen a dip during the next day's trading session.

Israel's Iron Dome anti-missile system intercepts rockets after Iran fired a salvo of ballistic missiles, as seen from Ashkelon, Israel, October 1, 2024 (Amir Cohen/Reuters)

Gold prices dropped by 0.50% or ₹382 to ₹75,284 per kg during the trading session on the Multi Commodity Exchange (MCX) on Thursday, October 03, 2024.

The previous close yesterday when the strike happened, was at ₹75,666, a gain of 1.06% or ₹797 from the prior close with prices going as high as ₹75,889 over the trading session.

Meanwhile, the close on Tuesday, October 01, 2024, was at ₹74,869 in contrast.

What happened between Iran and Israel?

Iran launched over 180 ballistic missiles towards Israel after the killings of Hamas, Hezbollah, and Iran's military leaders, causing millions in Israel to rush to shelters after the explosions lit up the night skies of Tel Aviv and Jerusalem.

Israel and the US both vowed for retribution against the attack, potentially signifying the Middle East conflicts could intensify further.