US-Iran Tensions Send Gold Prices Plummeting to Three-Week Low
Gold futures plummeted for the seventh consecutive session on September 2, reaching a three-week low of Rs 1.5 lakh per 10 grams due to escalating US-Iran tensions.
The Multi Commodity Exchange (MCX) saw gold futures for October delivery decline by Rs 1,559, or 1.03%, to Rs 1,50,170 per 10 grams from the previous close of Rs 1,51,729 per 10 grams.
Aamir Makda, Commodity & Currency Analyst at Technical Research, 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.
Gold prices also fell globally, with Comex gold futures for the December contract slipping by USD 46.46, or 1.06%, to USD 4,349.94 per ounce in New York.