MCX Gold Falls Amid US-Iran Tensions, Brent Crude Surges

Gold prices on MCX fell by 0.16% to Rs. 1,54,209 per 10 grams on September 1 due to renewed tensions between the US and Iran. This added to inflation concerns, causing gold futures to drop.

Meanwhile, Brent crude futures rose 0.75% to USD 91.18 per barrel, while US West Texas Intermediate (WTI) edged higher by 1.06% to USD 86.67 per barrel. The CME FedWatch Tool indicates a 33.6% probability of the Fed keeping rates unchanged and a 66.4% chance of a rate hike in September.

Domestic Gold Prices saw 24K gold rise by Rs. 16 to Rs. 1,56,930 per 10 grams, while 22K gold advanced by Rs. 15 to Rs. 1,43,850. US Gold Prices remained subdued on Tuesday as traders assessed Middle East tensions and awaited key US labor market data due this week.