NEW DELHI, Apr 24: Gold prices fell by ₹462 to ₹1.51 lakh per 10 grams in futures trade on Friday, tracking weak global cues amid a stronger US dollar and rising crude oil prices.
On the Multi Commodity Exchange (MCX), gold futures for June delivery declined by ₹462, or 0.3 per cent, to ₹1,51,299 per 10 grams in a business turnover of 8,310 lots.
Analysts said the pressure on precious metals came from a firm US dollar, elevated energy prices, and growing inflation concerns.
“Gold prices declined on Friday. The pressure on precious metals can be attributed to a stronger US dollar and rising crude oil prices, which have intensified inflation concerns among investors,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.
He added that crude oil prices were hovering around USD 95.84 per barrel due to geopolitical tensions, particularly in the Strait of Hormuz, which has further increased market uncertainty.
In the international market, Comex gold futures for the June contract slipped USD 33.54, or nearly 1 per cent, to USD 4,690.46 per ounce in New York.
Brokerage firm Kotak Securities noted that gold was hovering around USD 4,680 per ounce and was headed for nearly a 3 per cent weekly loss, as prolonged US-Iran tensions and disruptions in the Strait of Hormuz pushed oil prices higher and increased inflation concerns.
According to analysts, tensions between Washington and Tehran remain elevated amid the US Navy’s blockade of Iranian ports.
Iran’s Foreign Minister Abbas Araghchi termed the blockade an act of war, while chief negotiator Mohammad Bagher Ghalibaf said a complete ceasefire would only be meaningful if maritime restrictions are lifted.
Meanwhile, US President Donald Trump reportedly ordered the Navy to act against vessels suspected of laying mines in the key shipping route, further reducing hopes of de-escalation.
Analysts said these developments have strengthened the US dollar, adding additional pressure on global gold prices.
Market participants are now awaiting the final University of Michigan consumer sentiment data for further cues on the Federal Reserve’s policy direction and the near-term outlook for bullion, Kotak Securities said in a note. (Agency)
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