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Israel-Iran conflict: Gold prices may hit $4,000 per ounce in India

Demand for the yellow metal is ebbing as prices continue to soar Listen to This Article Gold prices in India's futures market crossed the ₹1 lakh per 10 grams for the first time, with MCX futures settling at ₹1,00,276 last week as Israel-Iran tensions escalated to bombardments. In international markets, spot gold end­ed at $3,432 per ounce —another significant level in a year already shaped by economic and geopolitical headwinds. In Mumbai's Zaveri Bazar, pure gold closed at ₹99,058 per 10 grams on Friday. At these elevated levels, demand appears to be ebbing. 'At this price, demand has dried up,' said Chirag Sheth, principal consultant at Metal Focus, the London-headquartered precious metals consultancy. Prices are currently