
Gold prices declined in domestic futures trade on Tuesday as the US dollar held firm and easing trade tensions between the US and China weakened the precious metal’s safe-haven appeal.
On the Multi Commodity Exchange (MCX), gold futures for December delivery slipped by Rs 836 or 0.69% to Rs 1,20,573 per 10 grams, with a business turnover of 13,332 lots.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.08% to 99.95.
Globally, Comex gold futures also traded lower due to a stronger dollar and fading expectations of another interest rate cut by the US Federal Reserve next month. Gold for December delivery dropped by $19.19, or 0.48%, to $3,994.81 per ounce.
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Analysts suggest that gold prices may continue to fluctuate in the coming days as global economic indicators and currency movements influence investor sentiment.