Gold Futures Fall to Three-Month Low in India Amid Strong Dollar
India's gold futures market experienced a decline to a three-month low on June 24, due to the strengthening of the US dollar and expectations of higher US interest rates. Analysts pointed out that rising Treasury yields and concerns over Federal Reserve policy reduced demand for bullion.
The Multi Commodity Exchange saw August gold fall by Rs 1,834 to Rs 1,44,695 per 10 grams, with a trading volume of 9,508 lots. This marked the lowest level since March 23, when it had settled at Rs 1,45,069 per 10 grams.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, attributed the fall to currency moves, stating that 'gold prices fell in the domestic market amid a strengthening in the US dollar and prevailing concerns over the Federal Reserve's policies, which have dampened the demand for bullion.'