Gold and silver futures drop amid US-Iran tensions

Gold futures fell for the seventh consecutive session on Wednesday, falling Rs 1,559 to Rs 1.5 lakh per 10 grams as renewed military exchanges between the US and Iran pushed oil rates higher and heightened concerns over inflation and interest rates.

On the Multi Commodity Exchange (MCX), the yellow metal futures for October delivery declined by Rs 1,559, or 1.03 per cent, to Rs 1,50,170 per 10 grams from Tuesday’s closing level of Rs 1,51,729 per 10 grams. The December contract also plunged by Rs 1,753, or 1.14 per cent, to Rs 1,51,540 per 10 grams compared to the previous close of Rs 1,53,293 per 10 grams. Silver kept losing its shine in futures trade, falling nearly 1 per cent to Rs 2.33 lakh per kilogram on Wednesday amid a strong dollar and escalating US-Iran tensions, which dented investors’ appetite for the precious metal.