The country, the world's biggest gold consumer after China, is grappling with rising living costs in the wake of the Iran war, while a weak monsoon could curtail rural demand for jewellery
Mohammed Imran of Mirae Asset Sharekhan said that oil market is entering a highly sensitive phase as geopolitical risks are weighed against the possibility of a breakthrough in the US-Iran crisis.
Brent crude futures rose 48 cents, or 0.5%, to $105.25 a barrel by 0104 GMT while US West Texas Intermediate crude was up 47 cents, or 0.5%, at $96.93 a barrel
Brent crude futures fell $1.59, or 1.40%, to $111.84 a barrel by 0011 GMT while US West Texas Intermediate crude was at $102.56 a barrel, down $1.56, or 1.50%
Momentum selling and uncertainty ahead of the US midterm elections are outweighing the supporting factors like sharp decline in US yields in last two weeks and shaky AI sector.
Gold futures on MCX fell to around ₹1.41 lakh per 10 gm and silver to ₹1.86 lakh per kg as persistent US inflation concerns fuelled expectations of tighter monetary policy
Brent crude futures rose 86 cents, or 0.75%, to $115.74 a barrel as of 0122 GMT while US West Texas Intermediate (WTI) crude futures rose 72 cents, or 0.71%, to $102.72
Comex gold traded near $4,050 an ounce and silver at $53.30, while MCX gold hovered around ₹1,43,600 per 10 grams and silver near ₹1,93,250 per kg on Thursday
Brent crude fell 1.1% to $114.10 a barrel and WTI dropped 1.3% to $101.45, paring Wednesday's gains as reports of renewed diplomatic efforts eased concerns over supply disruptions
The key shift in October is that the oil price rally has changed character from reflecting genuine physical tightness to what could happen next, explains Kaynat Chainwala of Kotak Neo.
The Federal Reserve is widely expected to leave interest rates unchanged. However, traders will closely watch for signals on the possibility of a rate increase in December
Gold fell below $4,000 an ounce last week for the first time since July, extending its decline to about 24% since the US-Iran war began in late February
The White House has been leaning on regional channels to cool prices, ahead of the Mid-Term election on November 3, says Mohammed Imran of Mirae Asset Sharekhan.
MCX December gold futures fell to ₹1,42,806 per 10 grams and silver to ₹1,94,700 per kg on Tuesday, as investors awaited the US Federal Reserve's policy decision
Brent crude futures were down 66 cents, or 0.57%, at $115.15 a barrel as of 0000 GMT, while US West Texas Intermediate crude was down 44 cents, or 0.43%, at $101.32
