Prices for 24-carat gold witnessed a decline of Rs 800 per 10 gram to Rs 48,510 on Tuesday from Rs 49,310 in the previous trading session. Gold prices slumped in India following trends from the bullion markets as the focus now shifts to US inflation data.
Medium to longer term outlook is positive for gold, according to analyst as there might be more volatility on equity markets, which will be increasing the value of gold as a safe haven and inflation protection.
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