Overview
- Spot gold hovered near $5,170 per ounce after an early drop, with a stronger US dollar and fading near‑term Fed‑cut bets offsetting safe‑haven interest tied to Middle East tensions.
- India’s retail 24K prices were roughly ₹1.62–1.63 lakh per 10g, while MCX gold futures for April eased to about ₹1.61 lakh per 10g on Thursday.
- Silver showed a split picture, with Delhi spot rates sliding to about ₹2.75 lakh per kg on Wednesday even as MCX May futures climbed to roughly ₹2.73 lakh per kg on fresh positions.
- Oil jumped after reports of Iranian strikes on merchant shipping, mined waterways in the Strait of Hormuz, and an IEA push for strategic reserve releases, stoking inflation concerns that cap bullion.
- The rupee weakened to a new record low near 92.36 per dollar, intensifying the translation of global moves into higher domestic bullion costs.