Gold Prices in India Retreat from Record Highs Amid Global Market Turmoil
Gold Prices in India Retreat from Record Highs Amid Global Market Turmoil
Following a significant 3% decline in global gold prices on Comex, gold prices in India have continued their downward trend into early Monday trading.
This retreat comes amid a broader global sell-off triggered by recent trade tensions and tariff announcements.
On Friday, gold futures on Comex experienced a sharp 3% drop, marking one of the steepest declines in years.
This downturn is largely attributed to concerns over slowing global economic growth, particularly in China, following the introduction of new U.S. tariffs.
Reflecting global trends, gold prices in India have remained on the losing end early Monday.
The Economic Times reported that gold prices fell in futures trade, influenced by weak demand in the spot market and a lackluster trend in overseas markets.
The recent sell-off is primarily driven by the announcement of steep new U.S. tariffs, which have raised concerns about a potential global trade war and economic slowdown.
China's retaliatory measures, including a 34% tariff on all U.S. goods, have further exacerbated market volatility.
Despite the recent pullback, analysts remain optimistic about gold's long-term prospects in India.
Factors such as geopolitical tensions, inflation concerns, and a potential shift in monetary policies are expected to support gold prices.
