Gold and Silver Retreat from Record Highs Amid Global Uncertainties

Gold prices fell by Rs 606 to Rs 1,07,122 per 10 grams in the domestic futures market due to profit booking and a weak global trend. After reaching a lifetime high late last week, both gold and silver have seen a decline, with investors responding to international market conditions.

On the Multi Commodity Exchange, gold futures for both October and December deliveries showed significant declines, while in the spot market, bullion prices inched higher, touching new heights in the national capital as reported by the All India Sarafa Association.

Global factors also played a role, with the US potentially cutting interest rates and China's central bank increasing gold holdings. The People's Bank of China continued its diversification from the US dollar by adding to its reserves for a 10th consecutive month, while market analysts predict further potential rallies if economic uncertainties continue.

(With inputs from agencies.)