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Gold prices declined Rs 853 to Rs 1.62 lakh per 10 grams in futures trade on Wednesday tracking a bearish sentiment in the international markets amid mixed signals surrounding the ongoing conflict in West Asia. According to the Multi Commodity Exchange, the yellow metal for April delivery depreciated by Rs 853, or 0.52 per cent, to Rs 1,62,450 per 10 grams in a business turnover of 7,529 lots. Analysts said the recent gains in the precious metal prices faded as developments surrounding the conflict involving the US, Israel and Iran remained uncertain, keeping the investors cautious. In the international markets, gold futures on the Comex for April delivery slipped USD 30.15, or 0.58 per cent, to USD 5,211.95 per ounce. "Part of the gains faded amid conflicting developments surrounding the ongoing US-Israel conflict with Iran. The evolving geopolitical situation continues to cloud the outlook for Washington's monetary policy, particularly expectations for potential interest rate cut
Gold prices are expected to remain volatile next week as investors track geopolitical developments in the Middle East and key macroeconomic data releases that could shape the sentiment in the domestic market, analysts said. "Focus will again be on the developments in the Middle-East and further escalation would be positive for gold prices, but a sign of de-escalation may trigger sharp selling," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said. Mer added that silver is also undergoing a consolidation phase but remains highly volatile. "Silver too is passing through a consolidation phase but trading with high volatility as gains are capped by consolidative moves in gold and industrial metals like Copper and Zinc," he said. During the past week, bullion futures witnessed sharp movements in the domestic market. On the Multi Commodity Exchange, silver plunged Rs 14,359, or 5.08 per cent, while gold slipped Rs 470, or 0.3 per cent. "Gold .