Gold Futures Drop 1% to Rs 1.42 Lakh per 10g amid Renewed Middle East Tensions

NEW DELHI: Gold futures declined nearly 1 per cent on Monday, tracking weak global cues as renewed military exchanges between the US and Iran pushed up oil prices, strengthened the US dollar and reduced the appeal of the precious metal.

On the Multi Commodity Exchange (MCX), gold contracts for August delivery fell by Rs 1,413, or 0.98 per cent, to Rs 1, 42,065 per 10 grams, with a business turnover of 9,962 lots. The decline follows last week’s sharp correction, when MCX gold futures dropped Rs 3,900, or 2.65 per cent, to settle at around Rs 1.43 lakh per 10 grams.