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Below the Quote on Gold and Silver by Ashish Rajodiya, Head of Commodities, PL Capital

Gold and silver are lower on Wednesday, with MCX gold at Rs 1,45,917 per 10 grams, down Rs 602, and MCX silver at Rs 2,09,000 per kg, down Rs 2,485 or 1.18%, while spot gold slips to around $4,110 an ounce for a fourth straight session of losses. Early hopes of an Iran peace deal pulled oil down and briefly helped the metals, but those gains faded once crude recovered after a diplomat dismissed reports that an agreement was close. Costlier oil keeps inflation worries alive, and markets see roughly an 85% chance of another Fed hike later this year, even though the October 27–28 meeting is widely expected to bring a hold. Clear progress on Iran and softer crude would ease rate fears and support bullion, while a fresh oil spike would keep both metals under pressure.

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