Gold Prices Plunge Below ₹1.5 Lakh Amid Rising Dollar and Inflation Fears

MCX gold prices broke below ₹1.50 lakh per 10 grams on Wednesday as selling continued for the seventh consecutive day, driven by a strong US dollar and rising inflation fears.

The renewed tensions in the Middle East pushed crude oil prices higher, stoking concerns of a potential interest-rate hike by the US Federal Reserve, which further reduced gold's appeal.

MCX gold prices fell 1.3%, or ₹2,064 per 10 grams, to hit a day's low of ₹1,49,665, marking the lowest level in more than three weeks.

The decline marked the seventh consecutive session of losses for gold, with it having cumulatively dropped ₹13,564 per 10 grams over the last six trading sessions.