New Delhi, July 23, 2026: Gold prices fell Rs 400 to Rs 1,49,200 per 10 grams in the national capital on Thursday, tracking weak trends in global markets amid surging crude oil prices.
The yellow metal of 99.9 per cent purity had closed at Rs 1,49,600 per 10 grams in the preceding session.
Silver also pared gains, falling Rs 300 to Rs 2,29,700 per kilogram (inclusive of all taxes) from Wednesday's closing level of Rs 2,30,000 per kg, according to the All India Sarafa Association.
Bullion Under Pressure
Traders said bullion witnessed profit-booking amid rising oil prices and concerns that persistent inflation could delay monetary policy easing by major central banks.
"Bullion came under pressure as escalating tensions in the Middle East pushed crude oil prices higher, fuelling inflation concerns and reinforced expectations that the US Fed could maintain a restrictive monetary policy for longer or potentially raise interest rates later this year," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
In the international markets, spot gold fell USD 38.92, or 1 per cent, to USD 4,091.17 per ounce, and silver dropped nearly 2 per cent to USD 58.65 per ounce.
Spot gold slipped to around USD 4,093 per ounce as a sharp rally in crude oil dented investors' sentiment after Yemen's Houthis targeted a ship in the Red Sea in their first such attack in months, Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.
Oil Prices Impact Markets
Brent oil, the global oil benchmark, rose USD 5.44, or nearly 6 per cent, to USD 99.51 per barrel after US President Donald Trump said he will hold Iran responsible for attacks launched by Yemen's Houthis.
In a post on Truth Social, Trump said, "Now they (Houthis) are starting up again, shooting at two Saudi Arabian ships last night. Please let this TRUTH serve to represent that if they do this again, the US will hold Iran responsible."
Meanwhile, Oman's foreign ministry said it is coordinating with Saudi Arabia, Yemeni parties and the UN Special Envoy to resume the political process aimed at restoring regional security and stability.
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Brokerage firm Kotak Neo said even if the Federal Reserve leaves interest rates unchanged next week, elevated oil prices and geopolitical risks are likely to keep policymakers cautious.
"Gold faces near-term headwinds from rising rate expectations and stronger inflation risks, with USD 4,000 remaining a critical support," it added.
(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
