Gold futures on COMEX ticked higher, closing at $4,332.40 an ounce—up $14, or 0.32%, from the previous close; the contract peaked at $4,338 before retreating to $4,319.
Silver futures slipped to $64.67 an ounce, down $0.294, or 0.45%, with intraday highs at $65.005 and lows at $64.435.
The dollar index surged to 100.86, its strongest level since July, tightening bullion prices; Kaynat Chainwala of Kotak Securities said the dollar’s strength and hawkish Fed chatter are pressing on gold, while Fed President Tom Barkin warned that rate hikes could curb inflation expectations.
Oil prices eased after Iran signalled openness to diplomacy; Brent futures fell 0.9% to $102.13, WTI to $91.56, reflecting reduced pressure on the Strait of Hormuz.
In India, gold prices fell ₹900 to ₹1.54 lakh per 10 g, the third straight decline; Akshat Garg noted a 60% year‑on‑year rise from ₹98,000 to ₹1.57 lakh, driven by global rally, rupee weakness and a jump in import duty from 6% to 15%.
Rohan Hemdev of Ananya Jewels said festive demand will keep the sector buoyant, but the high price level will steer buyers toward lighter jewellery and digital gold; traders will watch Fed policy and US‑Iran talks for next‑step signals.