Gold steady at Rs 1.46 lakh as silver slips for third session

Gold prices remained unchanged at Rs 1.46 lakh per 10 grams in Delhi on Wednesday, while silver fell for the third consecutive session. Weak domestic demand weighed on bullion prices, even as global markets tracked geopolitical tensions and US inflation data

New Delhi: Gold prices remained flat at Rs 1.46 lakh per 10 grams in the national capital on Wednesday, while silver slipped for the third straight session, weighed down by subdued local demand.

The yellow metal of 99.9 per cent purity was unchanged from the previous day’s rate at Rs 1,46,300 per 10 grams (inclusive of all taxes), according to the All India Sarafa Association.

However, silver fell Rs 100 to Rs 2,26,000 per kilogram (inclusive of all taxes) from Tuesday’s closing level of Rs 2,26,100 per kg.

Traders said muted buying by jewellers and industrial users kept bullion prices range-bound in the domestic market.

In the international markets, spot gold slipped USD 23.30, or 0.57 per cent, to USD 4,029.66 per ounce, while silver traded nearly 1 per cent lower at USD 58.26 per ounce.

Spot gold traded lower at around USD 4,030 per ounce as crude oil prices edged up again amid mounting geopolitical tensions in West Asia, said Praveen Singh, Head of Commodities at Mirae Asset ShareKhan.

In a statement, the US Central Command (CENTCOM) said it has “launched a new wave of strikes against Iran,” marking a fifth round of consecutive offensives.

“The strikes are designed to further degrade military capabilities Iranian forces have used to attack commercial shipping in the Strait of Hormuz,” CENTCOM added.

Earlier, US President Donald Trump warned that Washington may attack Iran’s bridges and power plants if it did not return to the negotiating table.

However, gains in crude were limited as Trump reversed his proposed 20 per cent Hormuz fee, which also supported the metal, Singh said.

Jateen Trivedi, VP, Research Analyst – Commodity and Currency, LKP Securities, said: “Softer-than-expected US inflation data helped ease the dollar index and supported bullion; however, the recovery remained limited as traders continued to assess the Federal Reserve’s policy outlook.”