Gold Prices Slip as Firm Dollar Weighs on Metal Amid Inflation Concerns

New Delhi - Gold prices in India slipped to Rs 1.41 lakh per 10 grams on Thursday, as a firm US dollar and the US Federal Reserve's cautious stance on interest rates weighed on the metal.

The Multi Commodity Exchange saw gold futures for August delivery fall by Rs 181, or 0.13%, to Rs 1,41,600 per 10 grams. The October contract declined by Rs 252, or 0.18%, to Rs 1,43,031 per 10 grams.

In the overseas markets, Comex gold futures for August delivery traded marginally lower at USD 4,031.70 per ounce in New York. According to Deveya Gaglani, Senior Research Analyst - Commodities, Axis Direct, a firm dollar and the Fed's stance on interest rates despite mounting inflationary pressures weighed on gold.