Gold prices extended their decline for the second consecutive week as improved global risk appetite, a strong dollar, and the US Federal Reserve’s cautious tone of further rate cuts have dampened the demand for safe-haven asset.
On the Multi Commodity Exchange (MCX), gold futures for December delivery plunged Rs 2,219, or 1.8 per cent, over the past week.
During the past week, the yellow metal hit an intra-day low of Rs 1,17,628 per 10 grams on October 28.
GOLD’s CORRECTION DEEPENS AS DOLLAR STRENGTHENS, TENSIONS EASE
Both global and domestic markets saw a sharp correction early in the week, breaking a nine-week rally amid easing geopolitical tensions, stronger US dollar, and profit-booking by investors have pushed gold prices lower.
“Heavy profit-booking pushed global gold down from recent highs to test the USD 4,000 an ounce level. Domestic gold mirrored this, falling below Rs 1,19,000 per 10 grams before stabilising and recovering modestly in the latter half of the week,” Sneha​Gold prices extended their decline for the second consecutive week as improved global risk appetite, a strong dollar, and the US Federal Reserve’s cautious tone of further rate cuts have dampened the demand for safe-haven asset.
On the Multi Commodity Exchange (MCX), gold futures for December delivery plunged Rs 2,219, or 1.8 per cent, over the past week.
During the past week, the yellow metal hit an intra-day low of Rs 1,17,628 per 10 grams on October 28.
GOLD’s CORRECTION DEEPENS AS DOLLAR STRENGTHENS, TENSIONS EASE
Both global and domestic markets saw a sharp correction early in the week, breaking a nine-week rally amid easing geopolitical tensions, stronger US dollar, and profit-booking by investors have pushed gold prices lower.
“Heavy profit-booking pushed global gold down from recent highs to test the USD 4,000 an ounce level. Domestic gold mirrored this, falling below Rs 1,19,000 per 10 grams before stabilising and recovering modestly in the latter half of the week,” Sneha ​Latest News [ SOBAN NEWS: International and National ]
