Indian Prime Minister Narendra Modi urged the nation’s citizens to avoid buying Gold for a year, in an effort to cut spending and save foreign exchange as the country grapples with the macroeconomic consequences of the Iran war.
Gold (XAU/USD) extends its slide on Tuesday, retracing the previous day’s gains as hotter-than-expected US inflation data boosts US Treasury yields and the US Dollar (USD).
Commerzbank strategists highlight concerns from India’s jewellery industry about a potential further setback in Indian Gold jewellery demand, which is important for the physical Gold market.
Gold (XAU/USD) shows moderate losses on Tuesday, trading a few pips below the $4,700 level at the time of writing after failing to find acceptance above $4,770 earlier on the day.
Gold (XAU/USD) maintains its offered tone below through the early European session on Tuesday and is currently placed around the $4,700 as traders keenly await the release of the US consumer inflation figures.
ING’s Commodities Strategist Ewa Manthey explains why Gold has dropped about 12% since the Iran conflict began, despite its reputation as a safe haven. She argues the move reflects macro headwinds from higher Oil prices, stronger US Dollar (USD) and elevated real yields.
Gold prices fell in India on Tuesday, according to data compiled by FXStreet.
Gold price (XAU/USD) trades in positive territory around $4,750 during the early Asian session on Tuesday. The precious metal edges higher as traders assess developments in the United States (US)-Iran diplomacy and await key US inflation data, which is due later on Tuesday.
Gold (XAU/USD) price advances modestly by 0.30% on Monday as the Iran-US conflict resolution stalls following Tehran’s proposal, which was disregarded by US President Donald Trump, who said that it was “totally unacceptable.” At the time of writing, XAU/USD trades at $4,726 after bouncing off daily
Gold (XAU/USD) holds firm after filling the week’s bearish opening gap, supported by a softer US Dollar (USD).
Gold (XAU/USD) pulls back from last week’s high on Monday, reaching session lows a few dollars above the $4,650 level at the time of writing.
Gold (XAU/USD) struggles to capitalize on a modest bounce from a three-day low, touched earlier this Monday, and maintains its offered tone below the $4,700 mark through the first half of the European session.
