New Delhi, Aug 19 (PTI) Gold prices declined by Rs 800 to Rs 1,58,000 per 10 grams in the national capital on Wednesday as rising crude oil rates and lingering geopolitical uncertainty weighed on investor sentiment.
The yellow metal of 99.9 per cent purity had closed at Rs 1,58,800 per 10 grams on Tuesday.
Silver also declined, dragged by heavy selling, tumbling Rs 5,730 to Rs 2,35,000 per kilogram (inclusive of all taxes), from the previous close of Rs 2,40,730 per kg, according to the All India Sarafa Association.
Gold prices traded weak as higher crude oil rates continued uncertainty after the US-Iran ceasefire window ended without fresh talks, which kept investors’ sentiment cautious, said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
The sharp rise in crude prices has added to concerns over inflation and the broader economic outlook, while the absence of fresh talks between Washington and Tehran has kept traders cautious.
Gaurav Garg, Head of Research at Lemon Markets Desk, said bullion remained under pressure as investors are awaiting the Federal Reserve meeting minutes later in the day for fresh insights on the future interest-rate path.
In international markets, spot gold gained nearly 1 per cent to USD 4,361.76 per ounce, while silver traded flat at USD 63.33 an ounce.
For bullion traders, the day’s moves reflected a market caught between geopolitical uncertainty and rising energy costs, with gold’s safe-haven appeal failing to translate into gains at home.
