Gold is under pressure due to elevated oil prices. Brent crude hovered at a five-month high of $109.87 a barrel due to continued geopolitical tensions resulting from the US-Iran war and the recent escalation between the Houthis and Saudi Arabia.

The surge came even after US President Donald Trump’s decision to waive sanctions and tariffs on Russia, strengthening hopes of better diesel supply to the market. Yet, energy prices remain elevated, further prompting expectations of rate hikes in the coming sessions.

Also, the US Consumer Price Index (CPI) data released on Wednesday, October 14, once again brought expectations of a Federal Reserve rate hike during the monetary policy meeting scheduled for October 27–28 to the table. The cost of gasoline surged, leading to a higher-than-expected spike in consumer prices in September.

As per reports, Treasury yields rose sharply as the Consumer Price Index increased to 3.7% in September, up from 3.4% in August.

Previous reports suggested lower chances of a rate hike during the October meeting after Federal Reserve policymakers indicated that “There is no need for urgency” following softer US data.

Meanwhile, the ongoing conflicts involving the Middle East have continued to keep inflation fears high since the end of February.

US inflation data and interest rates set by the Federal Reserve continue to influence the yellow metal’s trajectory. When the dollar is stronger and interest rates are high, the yellow metal comes under pressure due to the increased opportunity cost of holding it.

Gold continues to remain under pressure, as its trajectory is likely to be influenced by geopolitical concerns and energy prices, with the Federal Reserve’s rate decisions further affecting its price.

On a different note, festive buying across India is also playing a role in determining the cost of the yellow metal.

Check prices across India:

Delhi 

24K: Rs 14,732/g 

22K: Rs 13,505/g 

18K: Rs 11,052/g 

Mumbai 

24K: Rs 14,717/g 

22K: Rs 13,490/g 

18K: Rs 11,038/g 

Kolkata 

24K: Rs 14,717/g 

22K: Rs 13,490/g 

18K: Rs 11,038/g  

Ahmedabad 

24K: Rs 14,722/g 

22K: Rs 13,495/g 

18K: Rs 11,042/g 

Chennai 

24K: Rs 14,717/g 

22K: Rs 13,490/g 

18K: Rs 11,085/g  

Hyderabad 

24K: Rs 14,717/g 

22K: Rs 13,490/g 

18K: Rs 11,038/g   

Lucknow 

24K: Rs 14,732/g 

22K: Rs 13,505/g 

18K: Rs 11,052/g 

Patna 

24K: Rs 14,722/g 

22K: Rs 13,495/g 

18K: Rs 11,042/g 

Bangalore 

24K: Rs 14,717/g 

22K: Rs 13,490/g 

18K: Rs 11,038/g  

Bhopal 

24K: Rs 14,722/g 

22K: Rs 13,495/g 

18K: Rs 11,042/g 

Pune

24K: Rs 14,717/g 

22K: Rs 13,490/g 

18K: Rs 11,038/g   

Thiruvananthapuram

24K: Rs 14,717/g 

22K: Rs 13,490/g 

18K: Rs 11,038/g   

Amritsar

24K: Rs 14,732/g 

22K: Rs 13,505/g 

18K: Rs 11,052/g