Since the start of the US-Iran war on February 28, gold prices in India have dropped 6%, with current rates at around ₹1,52,000 per 10 grams. This decline is attributed to a strengthening US dollar, driven by rising crude oil prices, which have reached multi-year highs. The increase in oil prices has heightened inflation risks and diminished expectations for interest rate cuts by the US Federal Reserve. Despite the recent downturn, the long-term outlook for gold remains positive, supported by ongoing central bank purchases and geopolitical uncertainties. Jigar Trivedi, Senior Research Analyst at IndusInd Securities, emphasizes the importance of maintaining a balanced investment portfolio with 15-18% in gold. However, analysts like Hareesh V from Geojit Investments suggest that investors should wait for price stabilization before making new investments, as geopolitical tensions may continue to pressure gold prices in the short term. Investors are currently liquidating gold positions in favor of cash, particularly in US dollars, indicating a cautious approach amidst market volatility.