Gold Prices Slip as Investors Book Profits Following US Treasury Announcement

Gold and silver futures weakened on Tuesday as investors booked profits at higher levels. The unexpected announcement by the US Treasury of higher buybacks of long-term government bonds had driven gold prices to a three-month high.

The benchmark October gold contract on the Multi Commodity Exchange (MCX) opened at ₹1,63,015 per 10 gram, down ₹214 from the previous close of ₹1,63,229. Gold futures were trading near ₹1,63,150 per 10 gram at the time of writing.

Silver futures also declined, with the benchmark September contract opening at ₹2,42,299 per kg, down ₹1,921 from the previous close of ₹2,44,220. Silver prices had risen to a three-month high following the US Treasury's announcement.