US-Iran Tensions Push Gold Futures Below ₹1.5 Lakh

Gold futures on MCX declined for the seventh consecutive session, falling to ₹1.5 lakh per 10 grams due to escalating tensions between the US and Iran.

The October delivery contract dropped by ₹1,559, or 1.03%, from Tuesday's closing level of ₹1,51,729 per 10 grams, reaching a price of ₹1,50,170 per 10 grams.

This decline was also seen in the December contract, which plummeted by ₹1,753, or 1.14%, to ₹1,51,540 per 10 grams compared to its previous close of ₹1,53,293 per 10 grams.

Aamir Makda, Commodity & Currency Analyst at Choice Broking, noted that the recent US airstrikes on Iranian military targets have triggered retaliatory action by Tehran targeting American military installations in Bahrain, Kuwait, Jordan, and Iraq, fuelling concerns of a broader conflict.