As the US President Donald Trump rejected Iran’s seven-day peace proposal, the chances of Strait of Hormuz reopening are uncertain. As a result, Brent crude rose for a second successive session on Tuesday maintaining inflation concerns and reinforcing the expectation of Federal Reserve raising interest rates further.

Stronger dollar and high interest rates put pressure on non-yielding assets such as gold and increases their opportunity cost of holding.

Following the US Federal Reserve’s decision to raise the policy rate by 25 basis points and expectations of a further increase, gold weakened. It surged again days later following the meeting as oil prices dropped due to strong supply despite disruption to Saudi Arabia’s East-West pipeline. However, as the tensions in the Middle East are continuously elevated the oil supply is weighed down, hiking its prices.

Meanwhile, Iran’s Foreign Minister Abbas Araghchi relayed the proposal to reopen the Strait of Hormuz to the Washington during a meeting with Qatari mediators.

On the other hand the US clarified war would not end unless the nuclear programme is addressed.

Check prices across India:

Delhi 

24K: Rs 14,895/g 

22K: Rs 13,655/g 

18K: Rs 11,175/g 

Mumbai 

24K: Rs 14,880/g 

22K: Rs 13,640/g 

18K: Rs 11,160/g 

Kolkata 

24K: Rs 14,880/g 

22K: Rs 13,640/g 

18K: Rs 11,160/g 

Ahmedabad 

24K: Rs 14,885/g 

22K: Rs 13,645/g 

18K: Rs 11,165/g 

Chennai 

24K: Rs 14,880/g 

22K: Rs 13,640/g  

18K: Rs 11,410/g 

Hyderabad 

24K: Rs 14,880/g 

22K: Rs 13,640/g 

18K: Rs 11,160/g 

Lucknow 

24K: Rs 14,895/g 

22K: Rs 13,655/g 

18K: Rs 11,175/g  

Patna 

24K: Rs 14,885/g 

22K: Rs 13,645/g 

18K: Rs 11,165/g 

Bangalore 

24K: Rs 14,880/g 

22K: Rs 13,640/g 

18K: Rs 11,160/g 

Bhopal 

24K: Rs 14,885/g 

22K: Rs 13,645/g 

18K: Rs 11,165/g 

Pune

24K: Rs 14,880/g 

22K: Rs 13,640/g 

18K: Rs 11,160/g 

Thiruvananthapuram

24K: Rs 14,880/g 

22K: Rs 13,640/g 

18K: Rs 11,160/g 

Amritsar

24K: Rs 14,895/g 

22K: Rs 13,655/g 

18K: Rs 11,175/g