India, July 9 -- Gold futures slumped by Rs 2,308 to Rs 1.43 lakh per 10 grams on Wednesday, tracking losses in global markets as a rally in crude oil rates dented the appeal of the precious metal amid escalating tensions in West Asia.

On the Multi Commodity Exchange, the yellow metal for August delivery declined by Rs 2,308, or 1.59 per cent, to Rs 1,43,084 per 10 grams in a business turnover of 10,440 lots.

Traders said rising crude oil prices following fresh hostilities in West Asia stoked inflation concerns, strengthening the US dollar and prompting investors to trim exposure to precious metals.

"Gold prices traded lower in the domestic markets on Wednesday amid renewed geopolitical tensions in the Middle East, and concerns over po...