New Delhi:Gold gave up early gains to trade lower at Rs 1.41 lakh per 10 grams amid subdued market sentiment. On the Multi Commodity Exchange, the yellow metal for August delivery fell by Rs 181, or 0.13 per cent, to Rs 1,41,600 per 10 grams. In the previous session, it had closed at Rs 1,41,781 per 10 grams. The October contract declined by Rs 252, or 0.18 per cent, to Rs 1,43,031 per 10 grams on the commodities bourse. In the overseas markets, Comex gold futures for August delivery traded marginally lower at $4,031.70 per ounce in New York. Gold turned lower on Thursday as a firm dollar and the US Federal Reserve’s cautious stance on interest rates despite mounting inflationary pressures stemming from the renewed conflict in West Asia weighed on the yellow metal, said Deveya Gaglani, Senior Research Analyst - Commodities, Axis Direct. The US Federal Reserve (Fed) on Wednesday kept the federal funds rate un-changed at 3.5-3.75 per cent and said it would continue maintaining ample reserves in the bank-ing system. Ankita Pathak, Head of Global Investments at Ionic Asset, said Fed Chair Kevin Warsh refrained from providing forward guidance, reinforcing the central bank’s data-dependent approach. She added that any future monetary policy tightening could strengthen the US dollar and weigh on commodities and other emerging market assets.

Silver futures slip on weak trend

Silverprices fell by Rs 271 to Rs 2.17 lakh per kilogram in futures trade as subdued domestic demand and weak global trends weighed on the precious metal. The white metal for September delivery declined by 0.12 per cent in a business turnover of 12,973 lots. Traders said lower de-mand in the domestic market, coupled with weak overseas trends, kept pressure on the white metal prices.

Brent futures rise nearly 2% to $92.33/bbl

Crudeoil prices reversed early losses to trade higher at Rs 8,224 per barrel, tracking gains in global benchmarks amid fresh US airstrikes on Iran, which revived concerns over supply dis-ruptions in West Asia. Crude futures for the August delivery climbed by Rs 110, or 1.36 per cent, to Rs 8,224 per barrel. The September contract also advanced Rs 75, or 1 per cent, to Rs 7,973 per barrel on the MCX. In the international markets, Brent oil futures for September de-livery rose nearly 2 per cent to trade at $92.33 per barrel on the Intercontinental Exchange. Ad-ditionally, Comex West Texas Intermediate (WTI) crude for September contract advanced by nearly 1 per cent to $85.03 per barrel on the New York Mercantile Exchange.