Daijiworld Media Network – New Delhi
New Delhi, Sep 2: Gold futures continued their downward trend on Wednesday, September 2, with prices declining for the sixth consecutive session amid heightened tensions in the Middle East, rising oil prices and growing concerns over inflation and interest rate hikes.
The October 2026 gold contract on the Multi Commodity Exchange (MCX) opened sharply lower at Rs 1,50,033 per 10 grams, down Rs 1,696 or 1.11% from the previous close of Rs 1,51,729. The contract subsequently slipped to an intraday low of Rs 1,49,665, marking a decline of Rs 2,064 or 1.36%.
Meanwhile, December 2026 gold futures declined Rs 933 or 0.61% to Rs 1,52,360 per 10 grams, with 8,506 lots changing hands.
Commodity and Currency Analyst Aamir Makda of Choice Broking said gold had resumed trading below its 50-day and 100-day exponential moving average levels, placed at Rs 1,51,681 and Rs 1,50,179 respectively.
“Gold fell on Wednesday to its lowest in more than three weeks as the escalating Middle East conflict lifted oil prices and stoked inflation and rate-hike fears. Traders are also focused on upcoming US employment data,” Makda said.
Silver futures also opened lower on the MCX. The December 4, 2026 contract began trading at Rs 2,32,536 per kg, down Rs 2,905 or 1.25% from the previous close of Rs 2,35,441. It later touched an intraday low of Rs 2,31,811, falling Rs 3,630 or 1.54%.
The silver contract was last trading at Rs 2,33,686 per kg, down Rs 1,755 or 0.75%.
In international markets, COMEX gold declined 0.47% to around USD 4,342.20 per troy ounce. Spot gold, however, was quoted at USD 4,326.13 per ounce at 1:10 pm, up USD 23.22 or 0.53%.
In the retail market, 24-carat gold in Delhi was priced at Rs 1,52,170 per 10 grams, while 22-carat gold stood at Rs 1,39,500.
In Mumbai, Kolkata and Chennai, 24-carat gold was priced at Rs 1,52,020 per 10 grams, while 22-carat gold was quoted at Rs 1,39,350.
Silver was priced at Rs 2,45,000 per kg in Delhi, Mumbai and Kolkata, while Chennai recorded a higher rate of Rs 2,50,000 per kg.