Overview
- Indian domestic spot gold fell for a third straight session on Wednesday, declining about Rs 800 to roughly Rs 148,450 per 10 grams in the national capital.
- Gold futures on the Multi Commodity Exchange plunged by Rs 2,308 for August delivery to about Rs 143,084 per 10 grams as traders cut exposure to the metal.
- International spot gold slid roughly $47–$49 per ounce to sit around $4,056–$4,078 per ounce, with COMEX futures also posting steep losses in New York.
- Pakistan recorded sharp local falls with 24-karat gold down Rs 4,700 per tola to Rs 430,236 and 10 grams off about Rs 4,029 to Rs 368,858, squeezing local buyers and jewellers.
- Market participants said the chain of events began with higher oil after renewed U.S.-Iran tensions, which raised inflation expectations and pushed the dollar and yields up, and investors are watching the Fed minutes for direction while official central-bank buying has offered some support to prices.