May 29: Gold and silver prices declined by up to 1% in recent trade as investors booked profits amid ongoing geopolitical uncertainty and shifting global economic cues.
Precious metals, which had recently seen upward momentum due to safe-haven demand, came under pressure as traders reassessed risk levels in global markets. Analysts noted that easing concerns in certain geopolitical hotspots and a stronger US dollar contributed to the mild correction in bullion prices.
Gold witnessed a moderate dip as investors moved funds into riskier assets, while silver also mirrored the downward trend, reflecting reduced industrial and investment demand in the short term.
Market participants said volatility is likely to persist in the bullion space as global developments continue to influence investor sentiment. However, long-term demand for precious metals remains supported by inflation concerns and central bank buying trends.
Traders are closely watching upcoming economic data and geopolitical developments for further cues on the direction of gold and silver prices.