New Delhi, Sept. 28 -- The yellow metal's price in India fell nearly 2% in the domestic futures market during early trading hours on Monday, September 28, amid reports of fresh tensions emerging between the US and Iran, despite the two sides holding their first known indirect talks last week since a previous ceasefire collapsed in July.

MCX Gold 5 October futures stood at Rs.148,092 per 10 grams, while MCX Silver 4 December contracts were 2.6% at Rs.228,566 per kg at around 9:03 am.

Iran on Sunday (local time) maintained its conditions for reopening the Strait of Hormuz, stating that it would not soften its demands despite US President Donald Trump rejecting the seven-day ceasefire proposal. The standoff over the key shipping route also...