Gold Prices Dip 4% to Rs 1,67,800 Amid Stronger US Dollar

• Gold prices fell by 4.34% to Rs 1,67,800 per 10 grams of 24-carat purity on January 30, according to the Indian Bullion Jewellers Association.
• The decline is primarily attributed to a firmer US dollar, making gold more expensive for holders of other currencies.
• On MCX, gold dipped 3.83% to Rs 1,76,910, while on Comex, it fell 2.99% to $5,159 an ounce.
• Despite the recent fall, gold is still on track for its strongest monthly gain since 1980, driven by investor demand for safety amidst geopolitical and economic uncertainty.
• Geopolitical risks, including tensions between the US and Iran, are contributing to gold's appeal as a safe-haven asset.

Why It Matters: Gold prices dropped due to a stronger dollar, but geopolitical risks continue to support its safe-haven appeal.