Gold price today: Yellow metal sees correction; short and long-term outlook remains positive
₹39 to ₹71,538 per 10 grams in futures trade. With a trading volume of 7,184 lots, gold futures for June delivery on the MCX closed down by ₹39 at ₹71,538 per 10 grams.The decline in the price of precious metals was ascribed by analysts to weak global cues.Also Read: Gold price today: MCX Gold trades lacklustre; why are gold prices falling? Will it remain under pressure in short term?According to a PTI report, gold was trading 0.15 percent higher globally at USD 2,363.20 per ounce in New York.Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, highlighted that fact that the gold has traded weak this week, experiencing a significant selloff from ₹74,350 to ₹71,500, a drop of more than ₹2,800 from weekly highs.
"This decline is primarily due to the reduced likelihood of the Fed cutting rates early, as indicated by the recent meeting minutes. Despite this pullback, the overall rally in gold remains strong, and this week's decline should be viewed as a buying opportunity, with base support at ₹69,000.
If prices fall below ₹69,000, a further selloff towards ₹66,000 could be expected," said Trivedi.As hopes for US interest rate cut started to wane, gold prices increased on Friday but were on track to dip for the first time in three weeks, according to a Reuters report.Although bullion set a record high of $2,449.89 on Monday, it has subsequently dropped by almost 5%, Reuters said in its report. Overseas buyers found greenback-priced bullion less expensive as the dollar index gradually declined.Also Read: Gold sheds $100 in 5 days, heads for worst weekly dip in 6 months on hawkish US Fed policy; Should you buy the dip?According to an ANI report, Manoj Jain, the CEO of Indore-based Prithvi Finmart,
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