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Commodities

Gold Prices Slide Ahead of Rakshabandhan Amid US Dollar Rebound

Guavy AI Editorial Team
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Gold
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Gold prices in India continued their downward trend, falling by Rs 800 to Rs 1.65 lakh per 10 grams on Thursday, a day before the Rakshabandhan festival.

The decline comes despite local markets gearing up for the celebrations, which typically see an increase in purchases of gifts and jewellery.

Analysts pointed to the rebound in the US dollar and Treasury bond yields as a contributing factor to the gold price drop.

Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, noted that spot gold traded lower due to stronger-than-expected US inflation data.

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