Gold Prices Decrease Amidst International Peace Talks

Gold futures saw a decline of Rs 561 per 10 grams as the market reacted to US-Iran peace negotiations and concerns over inflation due to high energy costs.

In futures trading, gold prices dropped by Rs 561 to Rs 1.57 lakh per 10 grams amidst trader caution due to US-Iran diplomatic discussions and inflation concerns spurred by high energy prices.

On the Multi Commodity Exchange, June gold futures fell 0.36% to Rs 1,57,055 per 10 grams, across 4,436 lots. The August contract also saw a decrease, dropping by Rs 521, or 0.32%, to Rs 1,60,340 in 5,338 lots.

Global market sentiment impacted domestic gold prices with Comex gold futures for August declining in New York to USD 4,518.87 per ounce. Commodities Analyst Manav Modi said market attention remains on US-Iran peace efforts and inflation due to energy costs.

Investor caution prevailed following the US military's offensive moves in southern Iran. Analysts now await US GDP data for further insights into Federal Reserve policies and their influence on gold prices.