SRINAGAR: Gold prices witnessed a sharp decline on Wednesday as rising West Asia tensions and uncertainty surrounding the Iran conflict dampened investor sentiment, pushing MCX gold futures lower.On the Multi Commodity Exchange (MCX), August gold futures fell by ₹983, or 0.69%, to ₹1,41,274 per 10 grams. The contract recorded a business turnover of 1,289 lots during the trading session.Market analysts said the fall in gold rates was driven by growing geopolitical uncertainty in West Asia, particularly developments linked to the Iran conflict, which weighed heavily on investor confidence and triggered selling in the bullion market.”Gold prices declined in the domestic market as geopolitical tensions surrounding the Iran conflict intensified, affecting investor sentiment,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.The weakness was also reflected in global markets, where gold futures in New York slipped 0.55% to USD 4,030.36 per ounce, signalling softer international bullion prices.Experts believe gold prices may remain volatile in the coming days as investors closely monitor geopolitical developments, global market trends, and economic data, all of which are expected to influence the direction of the precious metal.
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