SRINAGAR: Gold prices fell for a sixth consecutive session on Wednesday, as higher oil prices and concerns over inflation and interest rates put pressure on the precious metal.
On the Multi Commodity Exchange (MCX), gold futures for October delivery opened Rs 1,696, or 1.11 per cent, lower at Rs 1,50,033 per 10 grams, against the previous close of Rs 1,51,729. The contract later declined to Rs 1,49,665, marking a fall of Rs 2,064, or 1.36 per cent.
Gold futures for December 2026 were trading at Rs 1,52,360 per 10 grams, down Rs 933, or 0.61 per cent, with 8,506 lots traded.
Aamir Makda, Commodity and Currency Analyst at Choice Broking, said gold had resumed trading below its 50-day and 100-day exponential moving averages, placed at Rs 1,51,681 and Rs 1,50,179 respectively.
According to Makda, gold fell to its lowest level in more than three weeks as the escalating Middle East conflict pushed oil prices higher, raising concerns over inflation and possible interest-rate hikes. Traders are also keeping an eye on upcoming US employment data, he said.
In international trade, COMEX gold was down 0.47 per cent at around $4,342.20 per troy ounce. Spot gold, however, was quoted at $4,326.13 per ounce at 1:10 pm, up $23.22, or 0.53 per cent.
