MCX gold sinks 2% to Rs 96422 amid easing geopolitical risk

Gold slipped more than 1% to around $3330 per ounce in Asian trades on Tuesday, lingering near a two-week low, as a brokered ceasefire between Israel and Iran dampened safe-haven demand. President Trump confirmed the truce on the 12th day of hostilities, following US airstrikes on Iran?s nuclear sites and Tehran?s retaliatory missile launch at a US base in Qatar. The US dollar index edged below 98, extending its retreat from the prior session, yet bullion remained under pressure. On the domestic front, MCX August delivery gold futures shed over 2%, hitting an intraday low of Rs 96422 per 10 grams. Investors now turn their focus to Fed Chair Jerome Powell?s testimony before Congress for cues on the central bank?s rate outlook.

Powered by Commodity Insights