Gold Futures Plummet as US-Iran Tensions Send Oil Prices Soaring

Gold futures on the Multi Commodity Exchange (MCX) fell for the seventh consecutive session on September 2, as escalating US-Iran tensions pushed crude oil prices higher and raised concerns over inflation and interest rates.

The gold futures for October delivery dropped by Rs 1,559, or 1.03%, to Rs 1,50,170 per 10 grams from the previous session's close of Rs 1,51,729.

December gold futures also declined by Rs 1,753, or 1.14%, to Rs 1,51,540 per 10 grams from Tuesday's close of Rs 1,53,293.

The US-Iran conflict has intensified concerns over a wider conflict in West Asia, driving crude oil prices higher and fuelling worries that expensive energy could add to inflation and keep interest rates elevated.