Although ceasefire is currently in force between America and Iran, behind the scenes the situation between the two countries is not easy. When US President Trump indicated on Wednesday that the Strait of Hormuz would be reopened, markets felt the situation was stabilising. As a result, gold prices saw a rise after two consecutive days of decline. However, on Thursday evening, Iran’s Supreme Leader, Mojtaba Khamenei changed the entire situation. Khamenei announced that Iran would not allow highly enriched uranium to be taken out of the country. Following this statement, crude oil prices rose, while gold prices fell. On Friday morning, in the international market, the price of gold fell by $23 an ounce to close at $4,520 an ounce.
Over the past three days, statements by both the US and Iran regarding the conflict have caused significant volatility in global gold and silver prices. The Indian market also saw a decline on Thursday; By Thursday evening, gold closed with a decline in the domestic market. On Friday morning, gold prices fell by $23 to $4,520 an ounce in the international market. The fall in gold prices in the last three months can be gauged from the fact that in January 2026, gold reached a high of $5,500 per ounce.
Current prices of gold and silver
On Friday morning, both gold and silver prices also saw a decline on COMEX. Gold prices were seen trading at $4,525 an ounce, which was $17 below its previous level. Apart from this, a decline was also seen in silver prices, which fell to $76 an ounce. Recently, the Indian government increased the customs duty on gold imports from 6 percent to 15 percent in an effort to strengthen the rupee and protect the country’s foreign exchange reserves. Following the move, gold prices rose by more than ₹10,000 in a single day.
24K, 23K and 22K Gold Prices
If we look at the local market, a fall in the prices of gold and silver was seen on Thursday evening. According to rates published on www.ibjarates.com, the price of 24-carat gold fell to ₹158,538 per 10 grams during the trading session. Furthermore, the price of 23-carat gold fell to ₹157,903 per 10 grams, while the price of 22-carat gold fell to ₹145,221 per 10 grams. Silver prices fell by nearly ₹3,000 to ₹264,679 per kg.
