25-Nov-2024      14:51

Gold corrects after geopolitical rally

Gold retreated to $2660 per ounce on Monday, with domestic prices falling over ₹1000 to below ₹76,500 per 10 grams, marking a technical correction after last week's 6% surge. The recent rally was fuelled by safe-haven demand amid escalating Russia-Ukraine tensions, including threats of advanced missile use by Russia. Gold also found support from a softer dollar, which slipped 0.5% as the dollar index dropped below 107 following U.S. Treasury nomination news. Investors now turn to upcoming FOMC minutes and PCE inflation data for cues on future rate policies.

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