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Commodities

Gold Price on MCX Falls for Sixth Consecutive Session Amid Oil Price Surge

Guavy AI Editorial Team
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The gold price on MCX continued to decline for the sixth consecutive session on September 2, 2026. The December 2026 gold futures contract fell by Rs 933 or 0.61% to trade at Rs 1,52,360 per 10 grams in business turnover of 8,506 lots.

The escalating Middle East conflict lifted oil prices and stoked inflation and rate-hike fears, which contributed to the decline in gold prices. Aamir Makda, Commodity & Currency Analyst, Technical Research, Choice Broking, noted that gold price has resumed trading below its 50-DEMA level.

The silver futures contract for December 4, 2026 also opened in the red, falling by Rs 2,905 or 1.25% to trade at Rs 2,33,686 per kg. The decline in gold and silver prices was also influenced by the upcoming US employment data.

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