Gold Plunges for Fifth Consecutive Session Amid West Asia Tensions

Gold prices saw a significant decline of Rs 2,260 to Rs 1.37 lakh per 10 grams in futures trade on Tuesday, continuing a five-day downtrend due to geopolitical uncertainties in West Asia. Analysts attribute the drop to mixed signals from conflicting international statements affecting market sentiment.

Gold prices experienced a steep decline on Tuesday, dropping Rs 2,260 to settle at Rs 1.37 lakh per 10 grams in futures trade. This marks the fifth consecutive session of losses caused by geopolitical tensions echoing from West Asia.

On the Multi Commodity Exchange (MCX), April gold futures observed a 1.62% decrease, as the precious metal reacted to conflicting signals emerging from the region. This comes after Monday's plunge of Rs 14,897, hitting an intraday low before a recovery.

Market experts explain that the volatile political climate continues to dominate gold pricing dynamics, with Iranian denials of talks with Washington further impacting investor sentiment. Meanwhile, upcoming macroeconomic indicators are set to guide further expectations on monetary policy shifts.

(With inputs from agencies.)