Oil Prices and Middle East Unrest Add Pressure on Indian Gold Market

Crude oil prices remained elevated, with U.S. WTI around $85.5 per barrel and Brent near $91.5. The high energy costs stoke inflation expectations, which in turn support a tighter monetary stance and keep bond yields high. At the same time, geopolitical friction in the Middle East—particularly the lack of de‑escalation between the United States and Iran and concerns over the Hormuz Strait—has heightened market uncertainty. These factors combined to push MCX October gold futures below the ₹1.54 lakh per 10 gram threshold, closing at ₹1,53,404, a 0.55 percent (₹858) decline from the previous session.