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Gold prices declined in international markets on Thursday, May 28, as a stronger US dollar and fresh US airstrikes on an Iranian military base rattled global commodity markets, raising inflation fears and derailing peace talks.
Meanwhile, Brent crude futures rose 3.95% to $98.01 a barrel. US West Texas Intermediate (WTI) advanced 4.08% to $92.30 a barrel.
24K gold fell by Rs. 223 to Rs. 1,56,060 per 10 grams. 22K gold declined by Rs. 205 to Rs. 1,43,050. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,56,060, while Delhi was at Rs. 1,56,060, and Chennai at Rs. 1,58,180.
Spot gold was down 0.8% at $4,419.60 per ounce. US gold futures for June delivery fell 0.7% at $4,417.10.
The dollar rose, making greenback-priced bullion more expensive for holders of other currencies.
Spot silver fell 1.7% to $73.34 per ounce, platinum lost 0.5% to $1,909.15, and palladium slid 0.7% to $1,381.64.
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"Geopolitical tensions remain high, and we've had too many false alarms from the peace deal talks. So I think the US dollar is going to remain bid, and that means gold is likely to remain under pressure," said Matt Simpson, a senior analyst at StoneX.
Renisha Chainani, Head of Research at Augmont, said, “Gold is currently trading near the lower boundary of the $4,450-$4,600 range. A sustained break below this level could trigger additional profit-booking, with $4,380 emerging as the next major downside target for bullion.”
For silver, she said prices are currently moving within a broad range of $72 to $78.50 per ounce, and momentum is likely to remain restricted until there is greater clarity on negotiations between the United States and Iran.
