(23 Apr 2025, 13:23)

Gold tanks nearly 3%, spot quotes hit Rs 1 lakh per 10 grams in India triggering demand worries

Gold tanked today, giving up heavily amid a rebound in the US equities and worries over near term demand in India were spot prices hit a historic Rs 10000 per 10 grams mark. COMEX Gold futures eased marginally yesterday and tanked nearly 3% today as a break under $3500 per ounce mark triggered hefty correction in the metal. The counter currently trades down 2.80% at $3325 per ounce. MCX Gold futures are also trading lower by around 2% at Rs 95485 per 10 grams. Meanwhile, Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF stated yesterday that we have seen a strong rally in gold prices, which is the sort of usual relationship we see in safe haven flows. When there is a high level of uncertainty, risky assets are selling off, oftentimes gold is viewed as a hedge asset and it has been appreciating. But he opined that US treasuries remain the baseline reserve asset globally. It's the largest and most liquid sovereign market. These comments seemed to have boosted the US dollar index as it came off three year low and approached 99 mark today.

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Gold tanks nearly 3%, spot quotes hit Rs 1 lakh per 10 grams in India triggering demand worries