Gold price today: Yellow metal plunges over Rs 2,000 as crude prices rise
Gold futures plunged by Rs 2,308 to Rs 1.43 lakh per 10 grams on Wednesday, mirroring weak global cues as a sharp rise in crude oil prices and a stronger US dollar reduced the appeal of the safe-haven metal amid escalating tensions in West Asia.On the Multi Commodity Exchange (MCX), gold contracts for August delivery fell by Rs 2,308, or 1.59 per cent, to Rs 1,43,084 per 10 grams, with a business turnover of 10,440 lots.According to traders, renewed hostilities in West Asia pushed crude oil prices higher, fuelling inflation concerns and boosting the US dollar. The stronger greenback, in turn, prompted investors to cut their exposure to precious metals, weighing on gold prices.
