Gold slips below $4770 as profit-taking caps rally

Gold prices declined over 1% to hover near $4,770 per ounce, as profit-taking set in after recent gains. Despite the pullback, the metal remains on track for a second consecutive weekly rise, supported by easing geopolitical tensions and a softer US dollar. Over the week, gold futures are up more than 6% and silver futures are up 8%,-- continuing to outperform gold. The US?Iran ceasefire triggered a sharp fall in oil prices, reducing inflationary concerns and expectations of aggressive rate hikes, thereby limiting fresh safe-haven inflows. Meanwhile, the dollar index hovered near 99, still poised for a weekly decline, offering some cushion to gold. On the domestic front, MCX gold futures slipped 0.7% to ₹152,290 per 10 grams, while silver prices also weakened, declining 1.11% to ₹240,318 per kg, reflecting broader pressure across the precious metals complex. Investors now await key US CPI data and diplomatic developments for clearer direction.

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