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After the latest developments between America and Iran, a rise in the prices of crude oil was recorded in the international market.
Crude oil prices continue to fluctuate in the international market, but there was no change in the retail prices of petrol and diesel in India on Sunday, July 12.
Gold prices dipped 1.47 per cent on a weekly basis as minutes from the Federal Reserve’s latest policy meeting reinforced expectations of higher‑for‑longer interest rates.
Despite the fall in crude oil prices in the international market, oil companies have kept fuel prices stable.
On the Multi Commodity Exchange (MCX), gold futures for the August 5 contract opened at Rs 1,45,200 per 10 grams, Rs 192 lower than the previous close of Rs 1,45,392. The precious metal later slipped further to Rs 1,45,000 per 10 grams, marking a decline of Rs 392, or 0.27 per cent.
On the Multi Commodity Exchange (MCX), gold futures for the August 5 contract opened at Rs 1,45,200 per 10 grams, down Rs 192 from the previous close of Rs 1,45,392.
Crude oil prices have increased in the international market due to the attacks on ships in the Strait of Hormuz and the subsequent US military action.
The international spot gold traded 0.75 per cent down to $4,126.20 per ounce, and silver edged 1.52 per cent down to $60.39 per ounce during the morning trade on Comex.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that oil marketing companies still have expensive crude oil purchased earlier.
Spot gold traded at $4,143.12 per ounce by 1602 GMT, down 0.8 per cent after reaching a two-week high earlier in the session.
On Friday, MCX gold August futures eased 0.01 per cent while MCX silver July futures inched up 0.04 per cent. Currently, gold futures stand at Rs 1,47,365, while silver futures at Rs 2,37,499 per kg.
Oil companies say they are still using stocks of crude purchased at high prices, so there is little chance of immediate relief for consumers.
