Gold prices fell on Tuesday, June 10, as investors remained cautious ahead of the outcome of high-level trade talks between the United States and China in London, APA reports citing CNBC TV18.
In the international market, spot gold slipped 0.5% to $3,311.16 an ounce, while US gold futures dropped 0.7% to $3,330.90 an ounce as of 01:25 GMT.
In India, gold was priced at ₹97,580 per 10 grams for 24 karat gold, ₹89,450 for 22 karat, and ₹73,190 for 18 karat, according to Goodreturns.
“Gold is trading reservedly until we see what, if any, progress is made between the two global superpowers,” said Tim Waterer, chief market analyst at KCM Trade.
Market attention remains fixed on the London discussions, where US and Chinese officials are negotiating issues such as tariffs and rare earth exports. A breakthrough could weaken safe-haven demand for gold, while prolonged uncertainty could support prices.
US President Donald Trump signaled optimism, saying talks were going well. Last month, both sides paused additional tariffs, easing market tensions temporarily.
China's latest data showed exports slowed to a three-month low in May, while factory-gate deflation hit its deepest level in two years — a sign of trade pressure weighing on the economy.
Analysts are also watching US inflation data due Wednesday (June 11). “If CPI jumps unexpectedly, it could drive safe-haven demand and lift gold prices,” Waterer added.
Gold tends to perform well during economic or geopolitical stress, and when interest rates remain low.
According to Rahul Kalantri, VP Commodities at Mehta Equities, “Gold prices fell initially but rebounded later on a weaker dollar and lower US bond yields. Chinese central bank’s continued gold purchases also offered support.”
He pegged gold’s support at ₹96,720 per 10 grams and resistance at ₹97,640 per 10 grams.
Aksha Kamboj, Vice President, India Bullion and Jewellers Association, noted, “Despite sustained central bank buying, gold prices continue to decline. Focus remains on the outcome of trade talks and key inflation readings this week, especially ahead of the US bond auction.”
Outlook remains cautious in the short term. Gold prices may continue to swing depending on geopolitical signals, inflation data, and central bank policy direction.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on Facebook
Follow us on Twitter
