Gold Futures Plummet to Rs 1.5 Lakh Amid US-Iran Tensions
Gold futures plummeted to their lowest level in over three weeks on Wednesday, falling Rs 1.5 lakh per 10 grams for the seventh consecutive session. The decline is attributed to escalating US-Iran military tensions that have driven up oil prices and intensified global concerns over inflation and potential interest rate hikes.
The MCX gold futures for October delivery fell 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.
Aamir Makda, Commodity & Currency Analyst at Technical Research, Choice Broking, noted that recent US airstrikes on Iranian military targets have triggered retaliatory action by Tehran targeting American military installations in Bahrain, Kuwait, Jordan and Iraq, fuelling concerns of a broader conflict.