Gold Prices Decline on Friday Amid Profit Booking and Geopolitical Tensions
The price of gold declined on Friday due to profit booking following Thursday's rally. Despite geopolitical tensions, safe-haven demand remains strong. The latest escalation in the Middle East has heightened concerns over regional stability and crude oil prices are elevated.
The US dollar index strengthened by around 0.4%, making dollar-denominated gold more expensive for overseas buyers. This limited gains in bullion.
Gold prices were steady across major Indian cities, with Delhi's 24-carat gold priced at ₹13,997 per gram or ₹1,39,970 per 10 grams. Silver prices in the national capital remained unchanged at ₹235 per gram.
Ponmudi R of Enrich Money stated that MCX Gold opened with a gap up near ₹144,000 mark, extending recovery seen over the past few sessions.