Gold Price Today: Gold Falls ₹550 to ₹98,570 Amid Weak Global Cues

Gold Price Today: Gold Falls ₹550 to ₹98,570 Amid Weak Global Cues

New Delhi – In a downward trend driven by muted global demand, gold prices in India fell sharply by ₹550 on Monday, bringing the price of 10 grams of 24-carat gold to ₹98,570. This comes after the yellow metal had closed at ₹99,120 in the previous trading session.

 Gold of 99.5% Purity Also Sees Decline

According to market reports, gold of 99.5% purity also witnessed a dip, falling by ₹500 to ₹98,100 per 10 grams (inclusive of all taxes). The same variant had traded at ₹98,600 per 10 grams during the last session.

Why Is Gold Falling?

Analysts attribute the drop in gold price today to the following factors:

• Subdued global demand from key international markets

• Stronger U.S. dollar and rising treasury yields

• Expectations of the U.S. Federal Reserve maintaining interest rates

• Profit-booking by investors amid recent record highs in gold prices

Global spot gold also remained under pressure in early Asian trading, with prices hovering below the $2,350/oz mark.

 Market Sentiment: Cautious Optimism

While short-term corrections are common, analysts suggest that gold continues to remain a safe-haven asset in the long term, especially amid global geopolitical uncertainties and sticky inflation in major economies.

"Investors are likely waiting for more clarity on U.S. economic data before making fresh allocations to bullion," said a commodity analyst at a Mumbai-based brokerage.

What's Ahead?

Traders and investors should monitor the following triggers this week:

• U.S. non-farm payroll and inflation data

• Dollar index movement

• Indian rupee vs dollar exchange rate

• Central bank gold buying activity