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Gold bears take control as prices sink below key levels
10-Jun-2026 15:00
Gold prices extended their sharp correction on Wednesday, with international futures slipping below $4,200 an ounce and MCX gold falling under ₹1.5 lakh per 10 grams. Despite renewed geopolitical tensions, investors continued to book profits after the strong rally seen earlier this year. In India, sentiment weakened further as Gold ETFs recorded a net outflow of about ₹725 crore in May, according to AMFI data, ending a 12-month streak of inflows. The reversal from April's ₹3,040 crore inflow suggests many investors chose to lock in gains as domestic gold prices remained elevated. Market participants also pointed to policy-related factors: Prime Minister Narendra Modi had earlier appealed to people to avoid buying gold for a year to help reduce India's gold import bill, and the government later raised customs duty on precious metals from 6% to 15%. Together, higher costs, softer investment demand, and profit booking have kept bullion under pressure in the near term.

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