Gold Prices Slip as Profit-Booking Hits Demand in India

Gold prices in India slipped slightly on Monday, marking a modest decline from Thursday's levels. The national rate for 24 karat gold stood at Rs 1,44,220 per 10 grams, down from Rs 1,44,330 the previous day, while 22 karat gold dipped to Rs 1,32,200 and 18 karat gold fell to Rs 1,08,160. Traders attributed the softness to routine profit-booking rather than any fundamental shift in sentiment.

Global spot gold also eased slightly in early Asian trade, following a modestly firmer dollar index. However, safe-haven appetite remains elevated due to ongoing concerns about the Iran-US situation and its implications for the region. The US Federal Reserve's stance heading into its September meeting is also being closely watched by traders.

Dealers noted that physical demand at jewellery counters has held up reasonably well despite recent price volatility, with wedding-season buying continuing to offer support. Analysts expect gold to remain in demand as a hedge against geopolitical and inflation-related uncertainty, although any further correction may be shallow due to underlying strength in safe-haven demand.