Mumbai: Gold and silver prices on Thursday fell over a stronger dollar, rising bets on higher interest rates, as President Donald Trump said the US would continue attacks on Iran.
Spot gold was down 3.6 per cent at $4,587.55 per ounce, after hitting a two-week high earlier in the session. US gold futures fell 4.2 per cent to $4,613.30 on Thursday.
Meanwhile, COMEX gold traded at $4,813, down 2.73 per cent, while COMEX silver slumped around 6 per cent to $71 in early trade.
Analysts said the price structure for both metals remains weak, with geopolitical tensions in the Middle East offering only limited safe-haven support. "The near-term bias remains cautious, with macro uncertainty and geopolitical developments expected to continue driving momentum," analysts said.
Oil prices climbed nearly 7 per cent on Thursday. Brent crude futures were up $7.65, or 7.6%, to $108.81 per barrel. US West Texas Intermediate crude futures were up $7.06, or 7.1 per cent, at $107.18 per barrel.
The Indian rupee saw its biggest single-day gain in nearly 13 years on Thursday, closing at 93.10 against the US dollar. The sharp rally came after the Reserve Bank of India tightened rules in both domestic and offshore markets.
