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Commodities

Gold Tumbles on Profit Booking and Strengthening Dollar

Guavy AI Editorial Team
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Gold
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Gold prices dropped sharply after a four-day rally, falling Rs 600 to Rs 1.66 lakh per 10 grams due to profit booking and a strengthening US dollar.

The decline in gold prices was attributed to the upcoming US Personal Consumption Expenditures (PCE) inflation report, which could influence the value of the dollar.

Gold had reached fresh multi-month highs this year, supported by the US Treasury's expanding debt-buyback program and lower bond yields, according to Siddhant.

In global markets, spot gold fell USD 39.66, or nearly 1%, to USD 4,619.21 per ounce, while silver dropped marginally to USD 68.50 per ounce.

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