Gold futures traded lower on Wednesday as investors reacted to fresh geopolitical tensions in West Asia, which clouded the outlook for a potential ceasefire between the United States and Iran.
On the Multi Commodity Exchange (MCX), gold contracts for August delivery fell by Rs 562, or 0.35%, to Rs 1,58,784 per 10 grams, with a business turnover of 8,266 lots.
Market participants remained focused on developments in the region after fresh missile and drone exchanges between the US and Iran heightened geopolitical uncertainty and pushed crude oil prices higher.
Analysts said the evolving situation in West Asia continues to influence investor sentiment across commodity markets, contributing to volatility in gold prices.