Gold prices experienced a decline on Tuesday. Despite the dip, gold retained its strength as traders awaited US inflation data, which could influence the Federal Reserve's decision regarding interest rate cuts.
Gold prices on the MCX for June futures contracts slipped by Rs 126 or 0.18% to reach Rs 71,451 per 10 grams amid a backdrop of escalating treasury yields and profit booking.This decline in gold prices marks its most significant weekly drop of the year, following a record high earlier in the week.
Gold prices on MCX fell amid reduced geopolitical tensions, with June futures dropping by 0.92% to Rs 70,541/10g, and May silver contracts down 0.9% to Rs 79,869/kg. The decline follows Fed's potential prolonged interest rate hikes, impacting gold's appeal. Investors await U.S. economic reports for policy clues.
On Friday, gold June futures contract settled at Rs72,806 per 10 grams while silver May futures contract settled at Rs 83,507 per kilogram. Precious metals have pulled back after a streak of highs in the previous weeks.
India Business News: Gold prices on the Multi Commodity Exchange (MCX) experienced an uptick, climbing by Rs 102 or 0.14% to reach Rs 72,785 per 10 grams. Similarly, silver prices saw an increase, with MCX May silver contracts rising by Rs 112 or 0.13% to Rs 83,385 per kilogram. These price movements occurred on Friday amidst growing concerns over geopolitical tensions.
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The recent uptick has been on account of slippages in the dollar index (DXY) which has declined by 1.30% over the last one month. Today it was hovering near the 104.13 mark, up by 0.02 or 0.02%.
The gains in bullion prices have been on hopes of interest rate cuts by the US Federal Reserve and global central banks heightened buying of the yellow metal.
India Business News: Gold prices reached a new all-time high of Rs 71,150 per 10 grams on the MCX on Tuesday, following international price trends. By 10 AM, June gold futures were trading at Rs 71,130, up by Rs 218 or 0.31% from Monday's close.