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Gold prices fell sharply on Monday, April 28, as easing US-China trade tensions boosted investor confidence and weakened safe-haven demand.
Spot gold slipped 1.4% to $3,272.89 an ounce as of 0220 GMT. Last week, it had touched a record high of $3,500.05 an ounce on April 22.
US gold futures also declined 0.4% to $3,283.70 an ounce.
In India, gold prices mirrored the global trend.
The price of 24 karat gold stands at ₹98,200 for 10 grams, while 22 karat gold is priced at ₹90,010 for 10 grams, according to Goodreturns data.
18 karat gold is available at ₹73,650 for 10 grams.
Why gold rates fell today
A stronger US dollar added pressure on bullion.
The dollar index rose 0.3%, making gold more expensive for overseas buyers.
Tim Waterer, Chief Market Analyst at KCM Trade, said,
"It's probably fair to say that financial markets and risk assets are feeling slightly better about the tariff picture now compared to the frantic first week in April."
Optimism over a potential US-China trade deal reduced the appeal of safe-haven assets like gold.
Last week, White House officials hinted at progress in trade discussions.
China also exempted some US goods from tariffs, though talks remain uncertain.
