Gold Prices Tumble Six Sessions Straight Amid Inflation Concerns

Gold prices continued their downward trend for the sixth consecutive session on Wednesday, as market concerns over inflation and interest rates weighed heavily on the precious metal. The Multi Commodity Exchange (MCX) saw gold futures for October delivery open at Rs 1,696, or 1.11 per cent lower, at Rs 1,50,033 per 10 grams.

Aamir Makda, a commodity and currency analyst at Choice Broking, pointed out that gold had fallen below its 50-day and 100-day exponential moving averages. According to Makda, the escalating Middle East conflict has pushed oil prices higher, raising concerns over inflation and possible interest-rate hikes.

The COMEX gold price was down 0.47 per cent at around $4,342.20 per troy ounce in international trade, while spot gold was quoted at $4,326.13 per ounce, up $23.22 or 0.53 per cent.