The Middle East conflict continue to affect the bullion.

The recovery in the gold prices follows slip in oil prices on Wednesday amid reports of higher supply through the Strait of Hormuz. The development came as the Saudi Arabia’s crude exports through East-West pipeline hinted towards recovery following disruption earlier in the month due to drone attacks.

Yet, gold remains under pressure due to stronger dollar and high interest rates which put pressure on non-yielding assets and increases their opportunity cost of holding.

The yellow metal was weighed down by higher oil prices for a two successive session on Monday and Tuesday due to inflation concerns and continued expectation of Federal Reserve raising interest rates further.

Following the US Federal Reserve’s decision to raise the policy rate by 25 basis points during the September 15-16 meeting, gold weakened. It surged again days after the meeting as oil prices dropped due to strong supply despite disruption to Saudi Arabia’s East-West pipeline. 

The volatility in the gold prices however continues, fueled by inflation concerns and oil supply fluctuations.

Qatar acts as a mediator as the US and Iran holds indirect talks and reports suggest that Tehran received Washington’s response on proposal regarding the reopening of the Strait Of Hormuz.

Check prices across India:

Delhi 

24K: Rs 14,894/g 

22K: Rs 13,725/g 

18K: Rs 11,233/g 

Mumbai 

24K: Rs 14,957/g 

22K: Rs 13,710/g 

18K: Rs 11,218/g 

Kolkata 

24K: Rs 14,957/g 

22K: Rs 13,710/g 

18K: Rs 11,218/g 

Ahmedabad 

24K: Rs 14,962/g 

22K: Rs 13,715/g 

18K: Rs 11,223/g 

Chennai 

24K: Rs 14,957/g 

22K: Rs 13,710/g 

18K: Rs 11,480/g 

Hyderabad 

24K: Rs 14,957/g 

22K: Rs 13,710/g 

18K: Rs 11,218/g

Lucknow 

24K: Rs 14,972/g 

22K: Rs 13,725/g 

18K: Rs 11,233/g  

Patna 

24K: Rs 14,962/g 

22K: Rs 13,715/g 

18K: Rs 11,223/g 

Bangalore 

24K: Rs 14,957/g 

22K: Rs 13,710/g 

18K: Rs 11,218/g

Bhopal 

24K: Rs 14,962/g 

22K: Rs 13,715/g 

18K: Rs 11,223/g 

Pune

24K: Rs 14,957/g 

22K: Rs 13,710/g 

18K: Rs 11,218/g

Thiruvananthapuram

24K: Rs 14,957/g 

22K: Rs 13,710/g 

18K: Rs 11,218/g

Amritsar

24K: Rs 14,972/g 

22K: Rs 13,725/g 

18K: Rs 11,233/g