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Bullion also witnessed a drop in the past few trading sessions as easing tensions over a war between Iran and Israel sapped away safe-haven demand.
India Business News: Gold prices have dropped by Rs 2,900 over 10 days. The current price is Rs 71,065 per 10 grams, down from a record high of Rs 73,958. This decline has happened because investors have become less worried about geopolitical tensions in the Middle East.
Gold faced downward pressure as the main indexes of Wall Street began on a higher note, thereby reducing the demand for the safe-haven and non-interest-bearing asset.
Still, all that glitters has been gold for investors, as its 2024 gain of about 15% has far outpaced the returns of equity indexes.
Gold prices rise with geopolitical concerns, US retail sales data, and tensions between Israel and Iran. Gold expected to trade positively. Expert analysis on bearish engulfing pattern and intraday trading strategy provided.