Overview
- Global spot gold slipped about 1–2 percent to trade roughly between $4,047 and $4,091 per ounce after retreating from recent highs.
- The sell-off followed a sharp rise in Brent crude toward $100 a barrel after attacks attributed to Yemen’s Houthis, which raised concerns about wider energy supply disruption.
- Higher oil prices lifted U.S. Treasury yields and strengthened the dollar, prompting traders to raise the probability of a September Fed hike to about 83 percent on the CME FedWatch tool.
- Domestic Indian prices moved in step with international declines, with the Delhi benchmark down Rs 400 to Rs 1,49,200 per 10 grams on July 23 and silver falling Rs 300 per kilogram.
- Market participants are now focused on upcoming Fed commentary and U.S. inflation data for the next directional cue, while central-bank buying and long-term flows could limit deeper bullion losses.