MCX Gold Prices Fall Amid US-Iran Tensions, Oil Price Surge
Gold prices on MCX declined by 1.78% to Rs. 148,176 per 10 grams on September 28 amid reports of fresh tensions between the US and Iran.
October gold futures fell, while September silver futures dropped 2.37% to Rs. 229,141. Meanwhile, Brent crude futures rose 2.53% to USD 107 per barrel, and US West Texas Intermediate (WTI) edged higher by 1.74% to USD 94.02 per barrel.
24K gold fell by Rs. 251 to Rs. 150,170 per 10 grams, while 22K also declined by Rs. 230 to Rs. 137,650. By city, Mumbai and Kolkata mirrored prices at Rs. 150,170, while Delhi was at Rs. 150,320 and Chennai at Rs. 150,170.
US gold prices fell more than 2% on Monday as rising oil prices heightened inflation concerns and reinforced expectations of further Federal Reserve interest-rate hikes. Spot gold fell 2.1% to USD 4,198.10 per ounce, while US gold futures fell 2.1% to USD 4,231.
Spot silver fell 3.4% to USD 62.08 per ounce, platinum was down 2.7% at USD 1730.78 and palladium lost 2.8% to USD 1231.46.