24K & 22K Gold Price Today:Gold prices in India witnessed a sharp pullback on Tuesday, giving up a significant part of the record gains seen in the previous session. The decline was mainly driven by profit booking and a stronger US dollar following the announcement of a new Federal Reserve Chair, which weighed on safe-haven demand.
The retreat in bullion prices was driven by a combination of global developments.
The appreciation of the US dollar diminished the appeal of gold and other precious metals, as a stronger greenback makes them more expensive for overseas buyers. Silver prices also declined in tandem, underscoring the close correlation between the two metals.
Investor sentiment turned cautious after US President Donald Trump nominated Kevin Warsh as the next Chair of the Federal Reserve. The move prompted markets to price in the possibility of a more hawkish monetary policy stance, strengthening the dollar and encouraging investors to book profits in non-yielding assets such as gold.
