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Gold pulls back after nine-week rally amid profit-bookings, poised for correction
Gold eased after a nine-week rally, driven by profit-taking and a firmer dollar, while key support awaits U.
India’s gold prices retreated today after an extended nine-week gain, with markets citing profit-taking and a stronger U.S. dollar. Global gold futures slipped about 3% this week, the steepest correction since May. Analysts flagged technical exhaustion and suggested the metal may consolidate near US $4,100/oz after topping earlier. In India, 24K gold was quoted at around ₹12,546 per gram. Silver also saw weak demand, reflecting cooling safe-haven flows. Traders say the key near-term supports will be U.S. inflation data and Indian jewellery off-take ahead of festival season.