Gold Prices Dip After Recent Rally Amid Shift in Market Sentiment
Gold prices fell globally on August 14 as investors booked profits after a recent rally. COMEX gold traded at $4,374.30 per ounce, down 1.04% from the previous close of $4,408.20 an ounce.
The decline in gold prices follows a sharp correction in India on Thursday (August 13), where gold prices fell ₹2,800 to ₹1.57 lakh per 10 grams, according to the All India Sarafa Association.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, noted that expectations around softer US inflation had already been reflected in bullion prices following the release of July's Consumer Price Index data.
The market will now look for fresh triggers from the US dollar, crude oil prices, and Federal Reserve rate expectations, according to Trivedi.