Gold Prices Decline Amid Geopolitical Tensions Relief

On May 13, gold prices saw a decrease, which has been attributed to a reduction in geopolitical tensions between India and Pakistan. The June contract for gold on India’s Multicommodity Exchange (MCX) started the day at Rs 92,885 for every 10 grams.

Here are the latest prices for 10 grams of gold, in both 22 karats and 24 karats, across major cities in India as of May 13:

• 22k gold city prices
• 24k Gold:
  • Delhi: Rs 87,800
  • Mumbai: Rs 95,770
  • Chennai: Rs 95,620
  • Kolkata: Rs 95,620
  • Bengaluru: Rs 95,620
  • Jaipur: Rs 95,800
  • Lucknow: Rs 95,770
  • Hyderabad: Rs 95,650
  • Ahmedabad: Rs 95,670

The decline in gold prices followed a significant advancement in US-China trade negotiations that took place in Switzerland over the weekend. The US made a surprising announcement regarding reduced tariffs on Chinese goods, which has fostered a sense of optimism and helped alleviate geopolitical risk premiums, according to Axis Securities.

In related news, some are questioning whether the recent rally in the market will continue.

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