New Delhi, Oct 24 (NationPress) Gold has concluded a remarkable nine-week upward trend this week, experiencing a notable correction as the market reevaluated a surge that had pushed prices into overbought territory.

The rate of 24-carat gold (10 grams) settled at Rs 1,22,419 on Friday, a decline from Rs 1,23,827 from its last closing, as reported by the India Bullion and Jewellers Association (IBJA).

In the New York market, spot gold dipped 0.3 percent to finish at $4,113.05 an ounce, marking a weekly decline of around 3.3 percent.

The price for 10 grams of bullion ended the previous week at Rs 1,30,874 and had been on a downward trend throughout the week. Analysts noted that while the pullback was significant, the yellow metal reduced losses on Friday following a weaker-than-expected U.S. inflation report, which raised hopes for additional monetary easing from the Federal Reserve.

This situation also contributed to a slight decrease in bond yields and a rise in bullion prices. Traders are now anticipating two rate cuts before the year concludes, a scenario that could support gold prices.

Investors are also gauging the likelihood of improved U.S.-China relations as U.S. President Donald Trump and Chinese President Xi Jinping prepare for their upcoming meeting. There are projections that a reduction in trade tensions may diminish the demand for safe-haven assets such as gold.

A recent correction followed a strong rally that began in mid-August, culminating in prices reaching an all-time high of $4,381.52 an ounce on Monday. Profit-taking and significant withdrawals from gold-backed ETFs exacerbated the selling pressure.

This year, gold has surged 57 percent, fueled by central bank acquisitions, dovish signals from the U.S. Federal Reserve, and robust ETF inflows.

A Ventura Securities report released earlier this week indicated that gold has provided returns of approximately 63 percent in rupee terms since the last Dhanteras, with a potential rally towards Rs. 1.5 lakh per 10 grams projected by 2026.