Gold Price Plummets Amid Renewed US-Iran Tensions and Rising Oil Prices
The price of gold on MCX declined by 1.78% to Rs. 1,48,176 per 10 grams on September 28 amid reports of renewed tensions between the US and Iran. This comes despite indirect talks between the two sides last week.
OCTOBER gold futures fell sharply, while Brent crude futures rose 2.53% to USD 107 per barrel, with US West Texas Intermediate (WTI) edging higher by 1.74% to USD 94.02 per barrel.
Domestically, 24K gold prices fell by Rs. 251 to Rs. 1,50,170 per 10 grams, while 22K declined by Rs. 230 to Rs. 1,37,650. The price of spot gold in the US also saw a decline, falling 2.1% to USD 4,198.10 per ounce.
N S Ramaswamy, Head of Commodity & CRM at Ventura, expects gold to remain range-bound or mildly bearish if the dollar and bond yields remain firm, with support at USD 4,200-USD 4,250 on COMEX and resistance at USD 4,360-USD 4,450. On MCX, he sees support at Rs. 1,49,000-Rs. 1,50,000.