Precious metals opened slightly softer in India on Thursday (March 12), tracking cautious sentiment in international markets as geopolitical developments and a firmer US dollar tempered buying interest in bullion.

On the Multi Commodity Exchange (MCX), gold futures eased 0.26% to Rs.1.61 lakh per 10 grams for 24-carat gold. Silver prices also moved lower, slipping 0.63% to Rs.2.67 lakh per kilogram.

The modest decline in domestic bullion largely reflected global price action. Internationally, gold edged down in early trading, with spot prices hovering near $5,151 per ounce, while US gold futures for April delivery traded around $5,156 per ounce.

Market pressure came primarily from a stronger US dollar, which gained roughly 0.3%. A firmer dollar typically makes dollar-denominated commodities like gold more expensive for holders of other currencies, reducing immediate buying interest.

At the same time, crude oil prices climbed sharply as tensions involving Iran intensified and concerns grew over potential supply disruptions through the strategic Strait of Hormuz, a crucial passage for global energy shipments. These developments added volatility to commodity markets, influencing investor positioning across precious metals.