Gold plunged more than $100 to settle around $3230 on Monday, with MCX futures tumbling below ₹93000 per 10 grams. The precipitous decline was fueled by resurgent confidence in US-China trade negotiations, sapping demand for the yellow metal’s haven appeal. Over the weekend, both capitals heralded substantive progress, with Beijing greenlighting formal talks and Washington lauding tangible headway. US Treasury Secretary Scott Bessent is slated to unveil further specifics in an upcoming briefing, likely reinforcing risk-on sentiment. Compounding pressure, the dollar index rallied north of 101.36, rendering bullion costlier for overseas buyers. Geopolitically, the India-Pakistan ceasefire held through Sunday despite sporadic exchanges of fire, offering scant support to bullion. With risk appetite rekindled and the dollar charging higher, gold’s upward trajectory has been decisively checked.
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