Gold prices today: Metal slips globally to 2-week low as Middle East tensions subside; check rates in India

The price of gold in the international market slipped to a two-week low with the easing of tensions in the Middle East. Spot gold was trading at $2,304.99 per ounce, as of 0336 GMT, down 1% as compared to the preceding day.

The rate, two weeks ago, had peaked to an all-time high of $2,431.29 on April 12, as markets turned jittery in anticipation of Iranian strikes against Israel. Tehran’s attack on April 13 – which it described as a retaliation against the fatal “Israeli strike” on its consulate – only caused a modest infrastructural damage with no loss of lives. On April 19, Israel reportedly carried out aerial strikes in Iran, which failed to cause any major damage to lives or property.

Since then, the two countries have not indicated any further escalation, which has eased the concerns in the commodities market. In the trading session on Monday, gold prices had dropped by 2%.

Also Read: Citi forecasts gold to touch $3,000 an ounce in 6-18 months

The yellow metal’s rate is also edging lower due to rise in the US dollar and Treasury yields, combined with the dwindling expectations of the US Federal Reserve initiating its rate cut cycle in 2024, experts said.

Notably, gold prices have rallied by around 10% in this calendar year so far, as the demand for safe-haven assets shot up amid global headwinds. Since the onset of COVID-19 pandemic, the metal has climbed by around 44%.

Gold rates in India

At the Multi Commodity Exchange (MCX), gold was trading at Rs 70,780 per 10 gram in the early trading hours of April 23. This was down 1.32% as against the previous day's close. Here are the retail rates in metro cities.

-The per 10-gram of 24 karat gold was trading at a retail price of ₹74,624 in Mumbai, down 0.14% as against the previous day’s close. -In New Delhi, the price dropped by 0.72% to ₹75,207. -In Kolkata, the rate was up 0.64% at ₹75,280. -In Chennai, gold declined by 2.07% to trade at ₹74,187 in the retail market. -In Bengaluru, the rate stood at ₹74,478, down 1.3%.

While gold has been on the decline in the last couple of trading sessions, the metal’s bull-run is expected to continue in the period to come, according to analysts. Citi Research, earlier this month, predicted gold to hit the $3,000 an ounce mark in the period of six to 18 months. It sees the baseline at $2,350 per ounce in 2024. This is higher by 6.8% as compared to its previous forecast.

For 2025, the research firm has increased the baseline to $2,875 per ounce, marking an upward revision of 40%. It further anticipates gold testing and surpassing the $2,500 mark several times in this calendar year.