Srinagar, Sep 02: Gold prices in India continued their decline on Wednesday, falling for the sixth consecutive session as rising oil prices, inflation concerns and uncertainty over interest rates weighed on the precious metal.On the Multi Commodity Exchange (MCX), gold futures for October delivery opened at Rs 1,50,033 per 10 grams, down Rs 1,696 or 1.11 per cent from the previous close of Rs 1,51,729. The contract later slipped to Rs 1,49,665, marking a decline of Rs 2,064 or 1.36 per cent.December 2026 gold futures were trading at Rs 1,52,360 per 10 grams, down Rs 933 or 0.61 per cent, with 8,506 lots traded.Market analysts said gold prices have come under pressure amid continuing Middle East tensions, as the escalating conflict has pushed oil prices higher. The rise in crude prices has fuelled concerns over inflation and the possibility of higher interest rates, reducing the appeal of gold.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.Gold also slipped to its lowest level in more than three weeks, while traders continued to monitor upcoming US employment data for further signals on the global interest-rate outlook.In international markets, COMEX gold was down 0.47 per cent at around $4,342.20 per troy ounce, while spot gold was quoted at $4,326.13 per ounce, up 0.53 per cent at the time of reporting.The latest movement is being closely watched by Indian gold buyers, investors and jewellery markets, particularly as global geopolitical tensions, crude oil prices, inflation and US interest-rate expectations continue to influence the gold rate in India.
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