Gold sees corrective action after hitting around one-month high

COMEX Gold futures slipped after hitting around one-month high as profit selling pulled the counter lower amid broad expectations of a longer-term ceasefire between the US and Iran. The metal currently trades down 0.32% at $4834 per ounce. International Monetary Fund or IMF stated that Gold reached record earlier this year as investors sought safe haven assets amid rising geopolitical uncertainty and persistent concerns about the dollar. However, the fund opined that gold and other precious metal prices have retreated from their preconflict peaks. Despite elevated geopolitical uncertainty, retail investor profit taking?amid upward revisions to interest rate expectations and a stronger dollar?has reversed the near-parabolic gains recorded in the first two months of the year. This profit booking trend, seen vehemently during the escalation of hostilities between US and Iran could continue in near term as the yellow metal is still down more than 10% from its record highs. MCX Gold futures are trading at Rs 154560 per 10 grams, down 0.17% on the day. The counter tested lows around Rs 154250 per 10 grams.

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