5 hrs ago
Gold Futures Fall Seventh Day Amid US-Iran Tensions
Gold prices have been falling for seven days in a row.
This is because there are fights between the US and Iran, which is making oil prices go up.
When oil prices go up, people worry about inflation and higher interest rates.
This makes gold less attractive to investors.
In India, gold for October delivery is now ₹1.5 lakh per 10 grams.
In the US, gold is also falling.
People are waiting to see what the US Federal Reserve will do with interest rates next month.
Gold futures fell for the seventh consecutive session on September 2.
October delivery gold futures dropped ₹1,559 to ₹1,50,170 per 10 grams.
December delivery gold futures declined ₹1,753 to ₹1,51,540 per 10 grams.
US-Iran military exchanges raised concerns over a wider conflict and higher oil prices.
Global gold prices also fell, with Comex gold futures dropping $46.46 to $4,349.94 per ounce.
- Who
- Investors, Federal Reserve, US and Iran
- What
- Gold futures decline due to US-Iran tensions and rising oil prices
- Where
- Multi Commodity Exchange (MCX), New York
- When
- Wednesday, September 2
- Why
- Escalating US-Iran conflict and concerns over inflation and interest rates
Key facts
- Gold Futures (October delivery)
- ₹1,50,170 per 10 grams
- Gold Futures (December delivery)
- ₹1,51,540 per 10 grams
- Comex Gold Futures (December delivery)
- $4,349.94 per ounce
- US-Iran Conflict
- Escalating military exchanges
- Crude Oil Prices
- Rising due to geopolitical tensions
- Federal Reserve Decision
- September 16 policy decision
- US Employment Data
- Key indicator for Fed's interest rate path
Quotes
Aamir Makda
Commodity and currency analyst at Choice Broking
“Gold futures fell to their lowest level in more than three weeks, as the escalating conflict in West Asia lifted oil prices and stoked inflation and interest rate-hike fears.”
deccanchronicle.com
US Central Command
US military command responsible for operations in the Middle East
“The strikes follow recent attempted attacks by the Islamic Revolutionary Guard Corps (IRGC) against commercial shipping in the Strait of Hormuz and against American service members.”
deccanchronicle.com
Sources
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