Gold jewellery prices across major Indian retailers fell on Tuesday, June 23, offering a brief respite to consumers after a volatile week.
Brands including Tanishq, Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas reduced their 22k gold rates in key metropolitan markets such as Delhi, Mumbai, and Hyderabad.
9% to $4,197.41 per ounce on Monday, reversing a slide that had pushed the metal to its lowest level since June 11.
The domestic price correction follows a sharp reversal in global sentiment.
Spot gold prices had climbed 0.9% to $4,197.41 per ounce on Monday, reversing a slide that had pushed the metal to its lowest level since June 11.
That rally was fueled by emerging reports of progress in peace negotiations between the United States and Iran, which temporarily eased geopolitical risk premiums.
However, the safe-haven bid proved short-lived.