Gold prices remained under pressure on Wednesday, with the precious metal slipping below the $4,100-an-ounce mark as renewed geopolitical tensions in the Middle East fueled a sharp rally in crude oil prices. Fresh US air strikes on Iran and concerns over potential disruptions in the Strait of Hormuz reignited inflation worries, dampening sentiment for bullion by strengthening expectations that global interest rates could remain elevated for longer. Investors also turned cautious ahead of the release of the Federal Reserve's June meeting minutes, seeking fresh guidance on the future path of monetary policy. Reflecting the weaker global trend, MCX August gold futures declined more than 1% to ₹1,43,511 per 10 grams, while MCX September silver futures plunged nearly 3% to ₹2,25,285 per kg. Persistent geopolitical uncertainty continues to support safe-haven demand, but rising inflation expectations and higher oil prices are weighing on gold's near-term outlook.
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