By buld_online 
Gold price today: Price of gold slipped below the Rs 1 lakh mark even as Iran and Israel continued their attacks, keeping the Middle East on the boil. An analyst attributed the weakness in gold to profit booking and said the geopolitical risk is already priced in the prices of yellow metal.
Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures said “Gold prices are experiencing some profit booking after recent gains, even as tensions in West Asia persist without signs of de-escalation. It appears that the current geopolitical risk is already priced in, and only a significant escalation may drive bullion prices higher from here. That said, developments in the region remain a key factor to watch in the near term. Additionally, the outcome of the Federal Reserve’s meeting on Wednesday night will be another important influence on gold’s direction, although the consensus expectation is that rates will remain unchanged.”
Amid the geopolitical conflict in the Middle East, the yellow metal fell by Rs 487 to Rs 99,789 against the previous close of Rs 100,276 on MCX.
Gold remains a preferred asset for investors seeking stability amid global uncertainties, highlighting its importance as a hedge against geopolitical risks. The precious metal’s performance underscores its pivotal role in providing security for investors during times of instability.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Profit booking was witnessed following reports of multiple potential trade deals between India-US, India-China, and US-Euro zones. This moderation in safe-haven demand led to a mild correction in Comex gold as well. Going forward, market participants will remain focused on three key triggers: The upcoming US interest rate decision, escalating tensions between Iran and Israel, and progress on global trade negotiations. These factors are expected to keep gold prices highly volatile. Comex Gold is likely to trade in a range of $3,290 to $3,450, while MCX Gold could fluctuate between Rs 97,000 to Rs 1,02,000 in the near term.”