Gold slides Rs 500 as oil surge, strong US dollar weigh on bullion - bfsi.economictimes.indiatimes.com

AI desk brief

Gold fell Rs 500 to Rs 1,55,400/10g in New Delhi as a stronger US dollar and sharp crude spike pressured bullion; spot gold dropped 1.3% to $4,291.71/oz and silver fell nearly 3% to $62.82/oz. The move marks a third straight weekly loss for gold and silver as markets price in a probable Fed rate hike, with silver holding flat locally at Rs 2,34,600/kg.

ANZ said West Asia tensions and higher energy costs could add to inflation and complicate the rates outlook, but persistent geopolitical uncertainty may also support gold’s safe-haven bid. The bank kept its 12-month gold target at $5,400/oz, citing recovering gold ETF holdings, speculative positioning, institutional demand in China and rising investor participation in India.