Commodities
Gold Prices Plummet to 3-Week Low Amid Escalating US-Iran Tensions
Gold futures on India's Multi Commodity Exchange (MCX) fell for the seventh consecutive session, dropping to Rs 1.5 lakh per 10 grams amid heightened tensions between the US and Iran.
The price of gold futures for October delivery declined by Rs 1,559, or 1.03%, 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, Technical Research, Choice Broking, said that the recent US airstrikes on Iranian military targets have triggered retaliatory action by Tehran, fueling concerns of a broader conflict.
Globally, gold futures for the December contract fell to USD 4,349.94 per ounce in New York, down from USD 4,396.40 per ounce the previous day.