The gold futures price stood at Rs 1,55,569 per 10 grams of 24-carat purity as of 3:28 pm IST on January 30, which is 9 percent decline from its previous close at Rs 1,70,954. The February futures price of gold hit a record Rs 1,82,130 on January 29.
On Comex, the spot price of gold fell to $4,988 an ounce as of 9:54 am GMT, a 6.20 percent decline from its previous close as the market reacted to a resurgent dollar.
The broader precious metals surge is being fuelled by ongoing geopolitical and macroeconomic risks and a sharply weaker US dollar amid policy uncertainty in Washington and President Donald Trump’s tolerance for a softer greenback.
"Gold has been relatively more resilient. Despite slipping from record highs, MCX gold continues to trade near elevated levels, supported by safe-haven demand, geopolitical risks, currency volatility, and expectations of a cautious Federal Reserve. Going forward, gold is likely to remain better supported unless real yields rise materially," said Justin Khoo, Senior Market Analyst - APAC, VT Market.
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