Rising oil prices push gold and silver lower amid inflation worries

Escalating crude oil prices have reignited concerns about inflation and the prospect of further interest-rate increases, which in turn weighed on gold and silver markets on Wednesday. On India's MCX, the benchmark December gold contract opened at Rs 1,49,596 per 10 gram, down Rs 524 from the previous close, and later settled near Rs 1,49,505. Silver futures on the same exchange opened at Rs 2,26,008 per kilogram, lower by Rs 1,234, and were trading around Rs 2,25,901.

In the global market, COMEX gold futures opened at $4,195 per ounce before slipping to $4,165.60, while COMEX silver fell to $60 per ounce. Technical analysis notes short covering in gold and fresh buying in silver, with key support and resistance levels identified by market commentator Ajay Kedia.