SRINAGAR: Gold prices continued to edge lower in India’s retail market on Thursday amid weak global cues and escalating tensions in West Asia following continued US military strikes on Iran.
According to market data, prices of both 24-carat and 22-carat gold registered a marginal decline across major cities, while silver prices also slipped in the domestic bullion market.
On the Multi Commodity Exchange (MCX), gold futures were trading 0.15 per cent lower at Rs 1,43,940 per 10 grams. Silver futures also declined, trading 0.39 per cent lower at Rs 2,22,450 per kilogram.
Market sentiment remained under pressure amid heightened geopolitical tensions after fresh US strikes on Iran fuelled concerns over instability in the region.
Meanwhile, crude oil prices extended gains on fears of possible supply disruptions in the Middle East. Brent crude futures for September delivery rose 1.03 per cent to $78.82 a barrel, while US West Texas Intermediate (WTI) crude futures for August delivery advanced 1.06 per cent to $74.29 a barrel. Oil prices had already gained more than 4 per cent during Wednesday’s trading session.
Analysts said investors continue to closely monitor geopolitical developments in West Asia, as volatility in energy markets and global economic uncertainty remain key factors influencing precious metal prices.
