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Commodities

Gold Prices Fall Ahead of Rakshabandhan Festival

Guavy AI Editorial Team
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Gold prices in India fell by Rs 800 to Rs 1.657 lakh per 10 grams on Thursday, just ahead of the Rakshabandhan festival.

The festival, which is celebrated on Friday, marks the traditional exchange of gifts between brothers and sisters, with gold and silver jewellery being a major contributor to festive purchases.

Analysts attributed the decline in gold prices to a rebound in the US dollar and Treasury bond yields, following stronger-than-expected US inflation data.

Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said that spot gold traded lower on Thursday as a recovery in the US dollar and Treasury yields weighed on the yellow metal.

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