CHENNAI: Gold prices have recently declined, marking their second consecutive weekly loss, as global investors increasingly shift focus away from traditional safe-haven assets. The weakening demand for gold comes amid a broader surge in risk appetite, buoyed by rising equity markets, easing geopolitical tensions, and firming expectations of a stable macroeconomic environment.
In India, the precious metal prices have eased this week, offering a potential buying opportunity. On June 28, the price for 22‑carat gold fell by about Rs55 per gram from the previous day—now around Rs. 8,930 per gram—while 24‑carat gold was Rs. 9,742 per gram. Over the last ten days, 22‑carat prices have dropped from Rs. 9,265 on June 19 to Rs. 8,930 on June 28—a fall of roughly Rs. 335. Similarly, 24‑carat gold fell from Rs. 10,108 to Rs. 9,742—a Rs. 366 decline.
This downward trend reflects a broader global correction, driven by easing geopolitical tensions (such as the Israel‑Iran ceasefire), a stronger dollar, and rising U.S. Treasury yields reducing the appeal of non‑yielding assets like gold . In MCX futures, domestic prices dropped about Rs. 1,630 per 10 g this week amid reduced safe‑haven demand. For buyers, this dip may be a good chance to purchase jewelry or invest—but it’s wise to monitor global trends, interest rates, and inflation data for future movements.
Spot gold dropped by approximately 1.2% to around $3,288 per ounce, while US August futures fell by 1.7%, closing the week with a nearly 3% decline. This drop reflects investor preference for higher-yielding or growth-oriented assets, with the Nasdaq hitting fresh record highs—signaling a strong risk-on sentiment in the market. Gold’s earlier rally, which saw prices touching historic highs earlier this year, has also prompted technical profit-taking, accelerating the recent sell-off.