Bullion futures in a divergent trend

Gold futures edged lower by Rs 38 to Rs 1.61 lakh per 10 grams as surging oil prices heightened inflationary risks and reduced the likelihood of interest rate cuts by the US Federal Reserve. The yellow metal for April delivery depreciated 0.02 per cent in 1,067 lots.

However, silver prices rose 1.77 per cent to Rs 2,73,240 lakh per kg in the futures trade amid global uncertainties.

The white metal for May delivery increased Rs 4,749, or 1.77 per cent, to Rs 2,73,240 per kilogram in a business turnover of 5,924 lots. Fresh positions built up by participants led to a rise in silver prices, analysts said.

In the overseas market, Comex silver futures increased $0.79, or 0.92 per cent, to $89.53 per ounce. “Gold fell as surging oil prices heightened inflationary risks and reduced the likelihood of central bank interest rate cuts,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.

On the Comex, gold for April delivery fell $6.17, or 0.12 per cent, to $5,170.29 per ounce.