Gold slides Rs 800 to Rs 1.48 lakh per 10g as crude jumps and global sentiment weakens
AI Market Summary
Gold weakened as a sharp crude rally tied to renewed Middle East escalation fears lifted inflation expectations, pushing US yields and the DXY higher. Higher real and nominal rates typically pressure non-yielding assets, reinforcing downside in spot gold alongside weaker global cues. Silver was flat, while markets await the Fed's June FOMC minutes for confirmation of the policy and rates path.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-1.14%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Gold prices in India extended losses for a third straight session, dropping Rs 800 on the day to Rs 1.4845 lakh per 10 grams. In overseas markets, spot gold fell 1.2% to $4,056.24 an ounce.
The move came after former US President Donald Trump said a temporary US-Iran peace arrangement was "over," reviving fears of a broader Middle East conflict. Crude oil surged nearly 7% in a single session, while US Treasury yields and the dollar index moved higher.
Silver was unchanged. Minutes from the Federal Reserve's June FOMC meeting are yet to be released.
