Gold Futures Dip To ₹1.55 Lakh Amid US Fed Caution & Geopolitical Oil Volatility

New Delhi: Gold price fell by Rs 256 to Rs 1.55 lakh per 10 grams in futures trade on Wednesday amid volatility, as investors remained cautious ahead of the US Federal Reserve's monetary policy decision. On the Multi Commodity Exchange (MCX), gold for April delivery decreased by Rs 256, or 0.16 per cent, to Rs 1,55,729 per 10 grams in a business turnover of 7,734 lots.

Gold prices remained under pressure as investors continued to assess the impact of fluctuating oil prices on inflation ahead of the Federal Reserve's monetary policy decision, Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said. In the international markets, the gold futures for the April contract were trading marginally higher at USD 5,013.01 per ounce on the Comex. "The escalation in the US-Israel-Iran conflict, including strikes on energy infrastructure and disruptions in the Strait of Hormuz, has intensified supply concerns in oil markets.

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The inflationary impact of rising energy prices is delaying expectations of monetary easing, creating mixed signals for the precious metals, Renisha Chainani, Head of Research at Augmont, said. She further stated that the Federal Reserve is expected to maintain a pause, reinforcing a "wait-and-watch" approach amid sticky inflation and a softening labour market. Similar policy stances by the European Central Bank, Bank of England, and Bank of Japan indicate a synchronised global pause, Chainani noted.

The outlook for the yellow metal will hinge on forward guidance from central banks, with any dovish tilt reviving bullish momentum in bullion prices, she said. Meanwhile, geopolitical tensions remained elevated as the United States and Israel continued strikes in Iran, while Tehran stepped up attacks on energy infrastructure across the Persian Gulf, keeping the investors on edge.

In addition, Iran confirmed that its national security chief Ali Larijani had been killed, following earlier Israeli claims he died in an airstrike, adding geopolitical uncertainty. Despite the weakness, gold prices remain up about 16 per cent so far this year in the global market, Trivedi of IndusInd Securities, said.

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