Gold Falls Seventh Day Amid US-Iran Tensions Push Oil Rates Higher
Gold futures on the Multi Commodity Exchange (MCX) fell for the seventh consecutive day, dropping to Rs 1.5 lakh per 10 grams. The decline was attributed to renewed US-Iran tensions, which pushed oil prices higher and heightened concerns over inflation and interest rates.
The MCX gold futures for October delivery declined by Rs 1,559, or 1.03 per cent, to Rs 1,50,170 per 10 grams from Tuesday's closing level of Rs 1,51,729 per 10 grams. The December contract also fell by Rs 1,753, or 1.14 per cent, to Rs 1,51,540 per 10 grams compared to the previous close of Rs 1,53,293 per 10 grams.
Silver futures continued their downward trend, falling nearly 1 per cent to Rs 2.33 lakh per kilogram on Wednesday amid a strong dollar and escalating US-Iran tensions.