Gold Slides Down Due To Strengthening Dollar And Easing Korean Tension

Gold, the yellow metal dropped down to its lowest level since six weeks on Monday as a sign of softening tension on the peninsular land of Korea.

The price of gold fell by 0.68 percent and stood at Rs 31,000 for 10 grams today.

The metal dropped by 1 percent last week in the backdrop of steady dollar and surge in the treasury yields to more than 3 percent.

Spot Gold was down by 0.63 percent at $1,313.80 an ounce at 8:54 a.m. ET.

U.S. Gold Futures for June delivery fell by 0.71 percent at $1,314.00.

Traders believe that the easing geopolitical tension and tough dollar are the main factors which is attributing to the fall in the price of the precious metal.

North Korean leader Kim Jong Un and his southern counterpart Moon Jae-in, President of South Korea declared that they will take steps to formally end the Korean War and will work toward the denuclearization of the Korean peninsular.