Gold Prices Retreat as Middle East Tensions Ease
Gold prices fell by Rs 1,098 due to profit-taking as geopolitical tensions in the Middle East eased. Silver also declined. The drop follows a four-day rally, influenced by a potential peace deal between Israel and Hamas. Traders are cautious amid US Federal Reserve developments.
- Country:
- India
Gold prices on Thursday witnessed a notable decline of Rs 1,098 to Rs 1,22,111 per 10 grams in domestic futures trade. The drop follows profit-taking by investors after record highs, sparked by easing geopolitical tensions in the Middle East.
The Multi Commodity Exchange (MCX) saw the yellow metal's December futures fall by 0.89 percent to Rs 1,22,111 per 10 grams, retreating from Wednesday's record high of Rs 1,23,450. The silver market echoed this trend, with futures dropping Rs 1,008 to Rs 1,48,847 per kilogram.
Globally, the Comex gold for December delivery fell 0.34 percent to USD 4,056.85 per ounce, following a peak at USD 4,081. This retreat comes as the first step towards an Israel-Hamas peace deal emerged, influencing safe-haven asset demand. Market experts highlight the potential impact of the ongoing US government shutdown and await Federal Reserve Chair Jerome Powell's insights.
(With inputs from agencies.)
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