US-Iran Conflict Drives Gold Futures Down for Seventh Consecutive Session
Gold futures declined for the seventh consecutive session on Wednesday due to heightened concerns over inflation and interest rates.
The price of gold on the Multi Commodity Exchange (MCX) dropped by Rs 1,559, or 1.03 per cent, to Rs 1,50,170 per 10 grams. The December contract also fell, registering a decline of Rs 1,753, or 1.14 per cent, to Rs 1,51,540 per 10 grams.
Aamir Makda, Commodity & Currency Analyst at Technical Research Choice Broking, stated that gold futures fell to their lowest level in more than three weeks due to the escalating conflict between the US and Iran.
The recent airstrikes on Iranian military targets have led to concerns of a broader conflict, causing oil prices to spike and stoke inflation and interest rate-hike fears. Analysts believe investors will track US employment data for cues on the Federal Reserve's interest rate path.