MCX Gold Falls Amid US-Iran Tensions, Brent Crude Surges
The price of gold on MCX fell by 0.27% to Rs. 1,48,800 per 10 grams due to ongoing tensions between the US and Iran over the Strait of Hormuz. This has led to increased energy costs and pressure on the Federal Reserve to raise interest rates.
Brent crude futures rose 1.80% to USD 107.2 per barrel, while US West Texas Intermediate (WTI) edged higher by 1.75% to USD 94.22 per barrel. Domestic gold prices also declined, with 24K gold falling by Rs. 137 to Rs. 1,48,800 and 22K declining by Rs. 125 to Rs. 1,36,400.
US gold prices rose on Tuesday but remained close to a seven-week low due to concerns that the Federal Reserve may keep interest rates higher for longer. Spot gold rose 0.4% to USD 4,130.58 per ounce, while US gold futures fell 0.2% to USD 4,162.20.