The Indian gold market witnessed a slight decrease in its prices on September 2, 2026, as the price of 24K gold dropped to Rs 15,202 per gram, down

Similarly, the prices of 22K and 18K gold also saw a decline, with 22K gold costing Rs 13,935 per gram, a decrease of Rs 190 from the previous day's rate of Rs 14,125, and 18K gold priced at Rs 11,402 per gram, down

Market took brief respite when

The market took a brief respite when international panic subsided following high tax rates on precious metals, but ongoing turmoil in the Middle East has kept the markets fluctuating wildly.

Read More: Child's Preference Alone Not Enough to Determine Custody, Rules High Court

Iran's Islamic Revolutionary Guard Corps (IRGC) announced it fired ballistic missiles at Jordan's Prince Hassan airbase and a US Marine facility, prompting Supreme Leader Mojtaba Khamenei to warn that Iranian forces would teach Washington "unforgettable lessons."

Iranian state media reported that US missile strikes have killed 11 people in Iran, including four at a wedding in Sirik and seven across Khuzestan province.

In response, Iran's military launched counterattacks against US bases in Jordan, Bahrain, and Iraq, while neighboring Kuwait intercepted incoming drones and missiles.

Also Read: PM Narendra Modi Urges Vladimir Putin to Pursue Dialogue for Peace in Ukraine

Reuters noted that crude oil prices reached a nearly six-week high on Tuesday after the US military launched strikes against Iranian targets in the Strait of Hormuz.

The US action sparked fresh concerns over global energy supply disruptions, with investors flocking to gold as a safe-haven asset amidst sharp volatility across energy markets.

Domestic bullion markets mirrored these broader financial strains, with local gold prices fluctuating in line with international spot rates, shifting import tariffs, and currency movements.