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Why gold plunged to its lowest price in a year despite renewed Iran jitters
· Confirmed
In Short: Gold prices dropped to their lowest point in a year despite renewed geopolitical tensions, including ongoing conflicts in Iran and Ukraine.
Gold prices fell to their lowest point in a year, despite renewed geopolitical tensions, including ongoing conflicts in Iran and Ukraine.
The Indian Bullion and Jewellers Association (IBJA) reported lower gold and silver rates, with 22k gold at Tanishq priced at Rs 13,090 per gram across major Indian cities as of October 30, 2026.
The US PCE price index rose 0.5% in September, its biggest increase since March, leaving the door open for a potential rate hike before the year-end.
Tech stocks led a global selloff for a second day, raising the risk that investors might sell gold to cover equity losses.
The gold-silver ratio reached its highest since December, indicating that silver is more vulnerable than gold.
Major jewellers such as Tanishq, Malabar Gold, Joyalukkas, and Kalyan Jewellers adjusted their rates in response to the market changes.
Oil prices have risen to nearly $108 a barrel, with diesel prices in the US reaching a record high of $6.53 per gallon at the end of September.
Fuel prices have become a significant challenge for Indian policymakers, with retail inflation rising to 5.54% in September, up from 4.83% in August.
President Donald Trump accused Iran of fabricating attacks to drive up oil prices ahead of the U.S. midterm elections, while Timothy Ash argued that Trump's Iran policy contributed to rising energy prices.
Brian Therien, senior analyst at Edward Jones, noted that higher Treasury yields could increase borrowing costs for households and businesses, potentially slowing interest rate-sensitive areas of the economy.
The ongoing conflict between the US and Iran has resumed and escalated, with diesel prices doubling since the war began in February.
Ukrainian attacks on Russian oil and gas facilities have squeezed Moscow’s oil output, despite Russia being one of the world’s largest oil producers.
What this adds
The renewed tensions in Iran and Ukraine have not significantly impacted gold prices, contrary to expectations.
The impact of geopolitical tensions on gold prices is more nuanced than previously thought, with other economic factors playing a significant role.
The ongoing conflict and rising fuel prices have created a complex economic environment, affecting various sectors including retail and transportation.
What's confirmed
- Gold prices fell to their lowest point in a year, despite renewed geopolitical tensions, including ongoing conflicts in Iran and Ukraine.
- The Indian Bullion and Jewellers Association (IBJA) reported lower gold and silver rates, with 22k gold at Tanishq priced at Rs 13,090 per gram across major Indian cities as of October 30, 2026.
- The US PCE price index rose 0.5% in September, its biggest increase since March, leaving the door open for a potential rate hike before the year-end.
- Tech stocks led a global selloff for a second day, raising the risk that investors might sell gold to cover equity losses.
- The gold-silver ratio reached its highest since December, indicating that silver is more vulnerable than gold.
- Major jewellers such as Tanishq, Malabar Gold, Joyalukkas, and Kalyan Jewellers adjusted their rates in response to the market changes.
- Oil prices have risen to nearly $108 a barrel, with diesel prices in the US reaching a record high of $6.53 per gallon at the end of September.
- Fuel prices have become a significant challenge for Indian policymakers, with retail inflation rising to 5.54% in September, up from 4.83% in August.
- President Donald Trump accused Iran of fabricating attacks to drive up oil prices ahead of the U.S. midterm elections, while Timothy Ash argued that Trump's Iran policy contributed to rising energy prices.
- Brian Therien, senior analyst at Edward Jones, noted that higher Treasury yields could increase borrowing costs for households and businesses, potentially slowing interest rate-sensitive areas of the economy.
- The ongoing conflict between the US and Iran has resumed and escalated, with diesel prices doubling since the war began in February.
- Ukrainian attacks on Russian oil and gas facilities have squeezed Moscow’s oil output, despite Russia being one of the world’s largest oil producers.
What's still developing
- 22k gold rate at Tanishq today As of October 30, 2026, Tanishq's price of 22k gold jewellery is Rs 13,090 per gram across New Delhi, Mumbai, Chennai, Kolkata, Thiruvananthapuram, Coimbatore and Bengaluru.
- Oil prices were 40 percent lower before the Iran war began, pointing instead to US military action in the Middle East as the primary reason for rising diesel prices, one that Beauchamp says “threatens to tip the world economy into recession”.
- On one hand, rising oil prices are giving the currency some support.
- Oil prices are providing support, helping the CAD outperform many other major currencies during this latest wave of geopolitical tension.
- While the Pentagon has developed a three-day strike plan, diplomatic talks and the political sensitivity of rising fuel prices have paused immediate major operations.
- Fuel oil deficit forecast at 218,000 barrels per day in third quarter as Middle East exports plunge 45%; Singapore bunker prices have risen 76% since Iran war began LONDON: A global shortage of fuel oil used by ships and power plants is looming in the third quarter as war-related refinery and shipping disruptions constrain supplies, while refiners increasingly divert fuel oil towards producing more profitable diesel, gasoline and jet fuel.
- Crude oil has largely avoided major price spikes in recent months, but refined products have come under much greater pressure as attacks on refineries in Russia and the Middle East reduce processing capacity and restrictions on tanker movements disrupt supplies.
- High gas prices continue to weigh on wallets as voters list affordability as a top concern ahead of early November's midterm elections.
- Fuel prices are unlikely to ease significantly before Election Day on Nov. 3, some analysts told ABC News, predicting gas prices would all but certainly remain above $4 a gallon.
- In brief: Timothy Ash argues that President Trump cannot blame Ukraine alone for rising energy prices, saying his Iran policy and decision to reduce US support for Kyiv helped push Ukraine toward developing its own long-range strike capabilities and gave it greater leverage over Washington.
- “Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election,” Trump wrote on Truth Social.
- REUTERS/Antranik Tavitian Iran’s Revolutionary Guards claimed Thursday that seven commercial vessels were struck overnight in the Persian Gulf and Strait of Hormuz, including four ships conducting oil transfers, prompting President Donald Trump to accuse Tehran of fabricating attacks to drive up oil prices ahead of the U.S.