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As on : 07-May-2025
Other Markets - Bullion Markets
07-May-2025     14:56

Gold dips under ₹97000 on MCX amid strikes in PoK, Fed in focus

Gold prices slipped below ₹97000 on Wednesday, snapping a two-day rally, as MCX gold futures fell by ₹400 to ₹97091 per 10 grams. Internationally, prices dipped below $3400 per ounce. The pullback comes amid heightened geopolitical tensions after India carried out 'Operation Sindoor', striking nine terror sites in Pakistan and Pakistan-occupied Kashmir. The operation, seen as a strong response to cross-border threats, added volatility to the markets. All eyes are now on the US Federal Reserve's policy decision due later today. While rates are expected to remain unchanged, markets are watching Chair Powell's comments for any hints on future policy moves. The Fed's tone could influence short-term gold direction amid global uncertainty.

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