New Delhi, Nov 5 || Gold prices remained under pressure on Wednesday after witnessing their sharpest decline in over a week, as investors weighed the recent strength of the US dollar against a broader risk-off sentiment across global markets.
Spot gold hovered around $3,940 per ounce after sliding nearly 2 per cent in the previous session, following five straight days of gains in the dollar index.
Global equities also extended their decline, marking their steepest fall in almost a month amid concerns about stretched valuations.
Most other commodities followed suit, adding to the overall weakness in market sentiment.
In India, gold prices also slipped on Tuesday, due to the firm dollar. On the Multi Commodity Exchange (MCX), December gold futures fell 0.43 per cent to Rs 1,20,886 per 10 grams, while silver December contracts dropped 0.41 per cent to Rs 1,47,154 per kilogram.