Gold and silver prices decline amid inflation and oil supply concerns

Gold and silver prices fell on Wednesday as rising crude oil costs fueled inflation concerns and speculation regarding potential interest rate hikes. Heightened tensions in West Asia and attacks on oil tankers have further sparked fears of global supply disruptions, impacting precious metal markets.

In global trade, Comex gold futures hovered near $4,140 per ounce, while silver traded near $57.60 per ounce. Domestic markets saw similar trends, with MCX gold futures dropping to approximately ₹1,46,100 per 10 grams and silver futures falling to ₹2,09,750 per kilogram. Analysts note that gold is currently facing fresh selling pressure while silver is undergoing short-covering.

Editor's note: Correctly summarizes the market data and the analyst's technical assessment.