India's Gold Rates Decline for Second Straight Session Amid Eased Safe-Haven Demand

Gold rates in India continued their downward trend on Wednesday, extending their decline for a second consecutive session. The national average rate for 24 karat gold fell by Rs 660 per 10 grams to Rs 1,43,510, while 22 karat gold dropped by Rs 600 to Rs 1,31,550, and 18 karat gold decreased by Rs 500 to Rs 1,07,630.

The decline in gold rates can be attributed to a combination of factors, including eased safe-haven demand, a firmer risk appetite in equity markets, and a rebound in crude oil prices. Traders noted that the fragile Iran-US truce has largely held despite fresh flare-ups in the region, which has drawn investor interest away from gold and into riskier assets.

A Mumbai-based bullion dealer commented on the near-term outlook for gold, stating: 'Gold could see further correction if the Iran-US truce holds without fresh escalation, though any sharp response from Tehran to US action could quickly reverse the move.'

City-wise rates varied, with Delhi commanding the highest premium across all three purities. Traders advised buyers and sellers to check live gold rates throughout the day due to fluctuations in prices.