SRINAGAR: Gold prices declined by Rs 983 to Rs 1,41,274 per 10 grams in futures trade on Wednesday as uncertainty surrounding the situation in West Asia weighed on investor sentiment.
On the Multi Commodity Exchange (MCX), gold contracts for August delivery fell by Rs 983, or 0.69 per cent, to Rs 1,41,274 per 10 grams, with a business turnover of 1,289 lots.
Market analysts attributed the decline to heightened geopolitical tensions in West Asia, particularly developments linked to the Iran conflict, which influenced investor sentiment and trading activity.
“Gold prices dropped in the domestic markets on Wednesday as geopolitical tensions surrounding the Iran conflict intensified, affecting investor sentiment,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.
In the international market, gold futures also traded lower, falling 0.55 per cent to USD 4,030.36 per ounce in New York, reflecting weakness in global bullion prices. -(KL)
