Gold Prices Plunge for Sixth Consecutive Session Amid Middle East Tensions

Gold prices continued their downward trend on Wednesday, September 2, marking the sixth consecutive session of decline. The October 2026 gold contract on the Multi Commodity Exchange (MCX) opened lower at Rs 1,50,033 per 10 grams, down Rs 1,696 or 1.11% from the previous close.

Aamir Makda, a commodity and currency analyst with Choice Broking, noted that gold had resumed trading below its 50-day and 100-day exponential moving average levels. The December 2026 gold futures declined by Rs 933 or 0.61% to Rs 1,52,360 per 10 grams.

In the retail market, 24-carat gold in Delhi was priced at Rs 1,52,170 per 10 grams, while 22-carat gold stood at Rs 1,39,500. The decline in gold prices can be attributed to heightened tensions in the Middle East, rising oil prices, and growing concerns over inflation and interest rate hikes.