New Delhi, July 31 -- The price of the yellow metal in India's retail market declined on Friday, 31 July, amid continued uncertainty and tensions between the United States and Iran.

US President Donald Trump on Thursday urged Congress to add tariffs on Iran to a bipartisan sanctions bill targeting Russia and Tehran. Trade experts, however, say the proposal would have little effect. The US imports virtually nothing from Iran. Attaching tariffs to the bill could jeopardise its chances of becoming law, despite broad support in Congress for sanctions against Russia and Iran, according to CNBC US.

The dollar index climbed about 0.40%, making gold more expensive for buyers using overseas currencies. Oil prices, on the other hand, declined aft...