Gold futures slid 0.22% to $4,029.70/oz, while silver fell 0.30% to $54.18/oz, as Brent crude spiked to $115/barrel, sending bullion sentiment to the downside.
Oil prices have stayed elevated amid West‑Asia tensions. Bloomberg reports Brent futures closed at $115.20/barrel after diplomatic talks involving Saudi Arabia, Turkey, Pakistan and Iran, yet renewed attacks keep supply‑chain worries alive.
Higher crude fuels inflation expectations, nudging the Federal Reserve to hold rates steady. Daniel Munday, Principal Analyst at VT Markets, said gold slipped below the $4,000 threshold, reflecting Fed’s looming policy decision.
A stronger US dollar also weighs on gold; it makes the dollar‑denominated metal pricier for foreign buyers. Rajeev Sharan, Head of Research at Brickwork Ratings, noted gold fell 5% from its October record, citing the dollar’s rise and elevated Treasury yields.
Traders will keep an eye on the Fed’s next meeting, dollar moves and West‑Asia developments. For Indian investors, the rupee‑dollar exchange and import costs shape local gold pricing, with a weaker rupee potentially offsetting the global price decline.