New Delhi, International gold prices are likely to fall if the war between Russia and Ukraine "normalises", said Emkay Wealth Management in a report called 'Navigator'.

"Except for the UK, the interest rates in the rest of Europe have not been hiked so far, and it is felt that it may be delayed," the wealth management firm said.

An aggressive stance by the US Fed is likely to cause some problems as the US dollar yields rise and the currency strengthens. However, the prices of commodities quoted in US dollars is likely to gradually ease.

At its latest policy meeting, the US Fed raised the policy rate by 25 basis points.

Gold traded higher to $2,070 per ounce after the breakout of the war. However, with the war situation easing a bit, gold prices have come down to $1,923. From the range of $1,760 to $1,860, where it stayed for almost six months, the breakout to higher levels happened as inflationary expectations went up in almost all major economies," the firm said.

The pressures on gold prices emerged in India too as the war kindled the demand for safe-haven yellow metal gold. "The twin factors, inflation and war, in short, helped this pick-up in gold prices."