Gold and silver prices in India opened marginally higher on Wednesday, following weakness in global bullion prices as fears of higher interest rates dented safe-haven appeal for precious metals.
In the international market, gold prices declined, as fresh escalation in the US-Iran war in the Middle East pushed crude oil prices higher, cementing fears that interest rates would stay higher for longer to tame inflation.
Spot gold price fell 0.2% to $4,476.50 per ounce, while US gold futures for August delivery dropped 0.3% to $4,504.40. Spot silver price fell 0.5% to $74.73 per ounce.
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