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The commodities market will remain closed today on account of Muharram for the morning session from 9:00 am to 5:00 pm but will operate as usual for the evening session from 5:00 pm to 11:30 pm/11:55 pm.
Globally, gold and silver prices remained under pressure and were on track to register a fourth consecutive weekly decline as a stronger US dollar and continued expectations of higher US interest rates weighed on precious metals.
According to the CME FedWatch Tool, traders now expect three rate hikes from the US Federal Reserve this year, with a 64% chance of a September hike.
Meanwhile, Brent crude futures declined 1.77% to $73.93 a barrel. US West Texas Intermediate (WTI) fell 1.86% to $70.58 a barrel.
24K gold rose by Rs. 27 to Rs. 1,41,600 per 10 grams. While 22K gold gained by Rs. 25 to Rs. 1,29,800. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,41,600, while Delhi was at Rs. 1,41,750, and Chennai at Rs. 1,43,340.
Bullion remained under pressure as it fell below $4,000 for the first time since November 2025. Spot gold fell 0.9% to $3,991.49 per ounce. US gold futures for August delivery lost 1% to $4,007.30.
Gold was on track for a loss of 4% for the week. Among other metals, spot silver fell 3.2% to $56.01 per ounce, platinum lost 2.4% to $1,563.20, and palladium slid 1.6% to $1,165.93.
Gold prices have fallen nearly 29% from the record high of $5,594.82 on January 29.
Also Read: Gold ETFs vs Physical Gold: Where are Investors Putting Their Money?
"The rapid repricing of the hawkish Fed created a strong bullish momentum in the US dollar, which eventually led to this significant downward drift in gold prices," said Kelvin Wong, a senior market analyst at OANDA.
Renisha Chainani, Head of Research at Augmont, said the unwinding of yen carry trades, as USDJPY slides to a 40-year low on rising Japanese interest rates, is creating ripple-effect selling across safe-haven assets.
According to her, gold has broken below its key $4,000 support and dropped toward $3,950. A sustained breakdown could open the path toward $3,600, although oversold conditions leave room for a bottom-fishing or short-covering rally toward $4,100 and $4,165.
She added that silver has also broken below the $60 level and slipped to $55.50. A continuation of bearish momentum with a breach of the previous day's low could expose the next support at $50.
