The steady fall in gold prices in this month may trigger top-calls by NBFCs and banks, who lend against gold, even though they keep sufficient margin of 25 per cent as buffer.

Gold prices have plunged 15 per cent so far this month amid the war between the US and Iran. After hitting an all-time high of ₹1.80 lakh per 10 grams early this year, gold prices have been falling steadily to touch ₹146,733 on Monday.

Thomas Stephen, Director & Head - Preferred, Anand Rathi Shares and Stock Brokers said the steady depreciation of gold prices has the potential of gold-backed lenders aggressively following up with borrowers for top-up calls particularly with those gold loans backed with high Loan to Value (LTV) limits.

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